5 Surprising Stats About Modern Payments

Payment systems and processes have changed dramatically over the years. A large aspect of this comes from the increase in credit card, debit card, and mobile payment options. While most understand the changes unfolding, some of the statistics on modern payments and transactions are startling.

Find out what makes Pivotal Payments an industry leader:

1. Debit Cards Lead the Way

While card payments of every kind have increased exponentially in recent years, debit cards remain the favorite method for retail payments and transactions. According to creditcards.com, 44% of users prefer debit card payments over any other form of transaction payments, well above the number using credit cards or any other form of payment.

2. A Quarter of Consumers Don't Ever Use Cash

Research by Pew suggests that 24% of consumers do not use cash at all. While card and mobile payments have increased in prevalence in recent years, it is nonetheless surprising that so many opt never to make cash purchases.

3. Mobile Payments Are Increasing Massively

The number of mobile payment transactions has increased dramatically. According to Statista, the number increased from 7 million in 2011 to 47 million in 2015. Those numbers are only continuing to climb. Payment systems that process mobile payments and transactions will, therefore, be at a premium in the coming years.

4. Mobile Payments Come from Surprising Places

The rise of mobile payment users has come from places outside of where many might expect. Asia has the most users, but according to Inc.com, Africa has the second-highest volume of mobile payment users worldwide. As technological solutions expand to all corners of the globe, payment systems processing online payments and transactions must be ready.

5. E-Commerce Surpasses $2 Trillion

E-commerce sales worldwide in 2018 are expected to reach $2.356 trillion. Online purchases move across national borders and continue to build over time. Companies everywhere process payments online, with the volume of these sales showing signs of continuing to build in the years to come.

Companies process payments in every city of the United States and in every country in the world. For independent sales agents, reselling merchant services in payments and transactions represents the biggest opportunity that exists anywhere.

For more information about Pivotal Partner's merchant account services for ISO's and Independent Sales Agents, click here.

Benjamin Bergeron-Osajie

Vice-President, Canadian Sales

Ben leads Pivotal Payments' Canadian Sales division. He oversees the growth and continued sales performance of its Canadian Partnership channel and telesales agents. Ben also works closely with product development, marketing, and operational detail as well.

https://www.linkedin.com/in/benjaminbergeronosajie/

Find out what makes Pivotal Payments an industry leader: