Discover Study Tracks Speed and Security Trends in Payment Industry

A comprehensive study by Discover Global Network has identified significant trends in the payments ecosystem, highlighting the accelerating shift toward instant payments and enhanced security measures. The research, conducted in partnership with 451 Research, surveyed thousands of decision-makers across the rapidly evolving fintech landscape.

The findings reveal widespread adoption of instant payment technologies, with 73 percent of consumers having used such services in the past 90 days – a trend that aligns with the broader digital transformation in financial services. Consumer attitudes toward security have also evolved significantly, with 71 percent expressing willingness to embrace additional authentication steps to ensure transaction safety.

For merchants, payment processing has become increasingly strategic, with 61 percent viewing it as central to their business operations. This shift reflects the growing importance of seamless payment experiences in customer retention and business growth. The fintech sector shows even stronger alignment, with 93 percent of providers considering instant payments crucial to their service offerings.

Security remains paramount across the ecosystem, as 75 percent of merchants prioritize improved fraud prevention processes. The study highlights strong interest in emerging technologies, with particularly high expectations for Tap to Pay on mobile (93 percent), instant payments (92 percent), and digital identity solutions (88 percent) – technologies that promise to reshape the payment landscape while maintaining robust security standards.

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October 29, 2024 – by Ali Nassar-Smith