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
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?
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:
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
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