Payments Pulse

Payments Pulse 2023:

Why payment providers need to be purpose-driven

New research study from Carta Worldwide

Carta Worldwide, the proven global digital payments pioneer, has launched a new study exploring the impact of the cost–of–living crisis and looming recession on consumer
payment preferences.

We live in a world of growing purpose.

Whether it is the fight against climate change or the fight for equal rights, people across the globe are demanding change, and for that change to be purposeful in its intent and outcomes. We often think of companies or individuals being purpose-driven. But what about payments?

Now as the world contends with never-before-seen social and economic challenges, prompting consumers to take another look at their finances and the way they pay, are payments still aligned with what consumers want? Are payments still answering the call for purpose?

Payments Pulse: Understand why providers need to be purpose-driven

How are consumers feeling about their payment experiences during the economic downturn?

Get the report

New survey of 1,000 UK consumers

In this 1,000-person survey of consumers across the UK, commissioned by Carta Worldwide, we explore how consumers are feeling about their payments experiences during the economic downturn and how payments providers should respond. The report analyses consumers’ financial relationships, and their financial goals for 2023, and uncovers what payments providers can offer to help consumers better manage their money.

The research reveals that the shockwaves of the cost of living crisis are ushering significant changes in consumer payments habits. Consumers are returning to trusted methods of payment that help them to manage their emerging needs centred around financial goals, savings and security. The research clearly shows that there is an emerging demand for purposeful payments. With many providers struggling to meet these demands, those that focus on fusing innovation with real purpose will be in pole position.

Read on to discover some of the key things we learned:

Cash vs. Card, which is really king?

The latest trends in consumer financial goals and spending behaviour

The top improvements consumers want to see in their payments experiences

Why one-third of consumers don’t believe payment companies can help them tackle the cost-of-living crisis

How payment companies can prove them wrong and exceed their expectations

Is your business set to deliver purposeful payments?

“The payments industry must now focus on fusing trusted and traditional methods with real purpose to meet the changing needs of consumers in the wake of the cost of living crisis and recession. The research clearly shows that there is an emerging demand for purposeful payments from supporting new financial goals, better insights into spending, and more security. With many providers struggling to meet these demands, those that are able to deliver payments with purpose will be in pole position.”

Richard Wray, Chief Operations Officer at Carta Worldwide

"I've seen Carta Worldwide go from strength to strength during my time here. I've worked with fascinating clients to help get their programs live, and have watched our clients scale globally with Carta Worldwide by their side. We're growing our teams all the time, across multiple countries, so I'm looking forward to working with new starters who can help us bring our vision to life and redefine the future of payments."

Blake McClelland, VP Sales North America

"I joined Carta Worldwide during a huge growth phase and that was extremely exciting to me. I've been given so many opportunities to create positive change during my time here so far, and it is incredibly rewarding to work with a group of people all working towards the same goals."

Philippa Artus, Head of Marketing

"Carta is a technology partner we can depend on – allowing us to focus on delivering to complex client requirements of government and public health organizations and execute our mission to deliver best-in-market digital payment solutions."

Tony Kileen, CEO at Allpay

“Carta’s platform scaled with us as our business evolved, helping us grow and launch the Wise multi-currency borderless debit cards to our customers in new markets around the globe.”

Erik Kaju, Head of Engineering at Wise

“Carta’s technology allowed us to minimize up-front IT investment and instead focus on building a holistic proposition based around best-in-class user experience and compelling value added services”

Shane Howell, Chief Product Officer at Westpac NZ

Access the Payments Pulse
2023 report

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