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Elite Pay is a collection system that allows businesses to accept bank cards.
Today, the discernment of long-term trends is a highly uncertain exercise due essentially to the speed of the changes inherent, or related, to the ongoing digital transformation, with its apparently unending expansion of the boundaries of possibility. The usability of new payment solutions is the subject of a good part of the providers' efforts in innovation, along with the handling of the transition from analogical to digital, from 'old' to 'new', from physical to virtual, and the coexistence of the two.
Critical to success across any specific country is localization of both marketing and payment methods, which will improve both authorization rates and customer experience.
While some payment methods are recognized internationally as debit and credit cards, others are specific to certain geographic areas. Discover below the specific payment methods for Brazil, Mexico and the United States and adapt your strategy by building the most appropriate payment method.
Critical to success across any specific country is localization of both marketing and payment methods, which will improve both authorization rates and customer experience.
While some payment methods are recognized internationally as debit and credit cards, others are specific to certain geographic areas. Discover below the specific payment methods for Brazil, Mexico and the United States and adapt your strategy by building the most appropriate payment method.
NORTH AMERICA
The developed economies of North America offer a study in contrast when it comes to payment preferences. North America is corporate home to global innovators in payment technology, retail, and financial services. Comparably affluent and savvy US and Canadian consumers demand the latest in secure and convenient payment methods. Yet the pace of progress toward contemporary technologies like eWallets is tempered by mature technology infrastructures, habits, and preferences established over generations. Entrenched payment habits are proving resilient in this mature market both in-store and online.
Credit cards remain the undisputed champion of consumer payments in North America. Credit cards dominate as the method of choice both online and at the point of sale. The North American consumer is heavily banked—the US Federal Reserve estimated the unbanked share of Americans fell to just 5% in 2017 —so unsurprisingly, debit cards remain a strong preference with 34% of spend at the point of sale and 19% share online. Taken together, card-based* payments represent almost three-fourths of point of sale spend and over half of eCommerce volume
Despite the proliferation of many new payment options globally, POS spend in North America remains overwhelmingly dominated by cash, credit, and debit. The near-universal acceptance of card payments and the ingrained habits of generations have proven difficult to break. Cash remains formidable at the POS, yet its
use continues to drop. The ease and convenience of contactless payments is driving the decline of cash, as are alternative options such as eWallets
Consensus projections see the North American eCommerce market growing at a healthy sustained rate of between 9% and 10% annually through 2022. Challenging headwinds remain, however, notably concerns about fraud and the overall convenience. Fear of fraud and inconvenience are among the top reasons that consumers avoid online shopping. Payment methods of the present and future that can thread that needle to offer both greater security and greater convenience will be well positioned for success.
North America is coveted for its consumer spending power and will continue to present a highly competitive and lucrative market. Looking to the next five years for the North American market, we expect the use of cash to drop by about 5% at the point of sale. The majority of that spend will migrate to eWallets, which we project will more than double in POS share by 2022. On the eCommerce side, our research suggests that eWallet adoption will surge in North America and move towards the global average in the next five years.
Credit cards remain the undisputed champion of consumer payments in North America. Credit cards dominate as the method of choice both online and at the point of sale. The North American consumer is heavily banked—the US Federal Reserve estimated the unbanked share of Americans fell to just 5% in 2017 —so unsurprisingly, debit cards remain a strong preference with 34% of spend at the point of sale and 19% share online. Taken together, card-based* payments represent almost three-fourths of point of sale spend and over half of eCommerce volume
Despite the proliferation of many new payment options globally, POS spend in North America remains overwhelmingly dominated by cash, credit, and debit. The near-universal acceptance of card payments and the ingrained habits of generations have proven difficult to break. Cash remains formidable at the POS, yet its
use continues to drop. The ease and convenience of contactless payments is driving the decline of cash, as are alternative options such as eWallets
Consensus projections see the North American eCommerce market growing at a healthy sustained rate of between 9% and 10% annually through 2022. Challenging headwinds remain, however, notably concerns about fraud and the overall convenience. Fear of fraud and inconvenience are among the top reasons that consumers avoid online shopping. Payment methods of the present and future that can thread that needle to offer both greater security and greater convenience will be well positioned for success.
North America is coveted for its consumer spending power and will continue to present a highly competitive and lucrative market. Looking to the next five years for the North American market, we expect the use of cash to drop by about 5% at the point of sale. The majority of that spend will migrate to eWallets, which we project will more than double in POS share by 2022. On the eCommerce side, our research suggests that eWallet adoption will surge in North America and move towards the global average in the next five years.
MÉXICO
Based on an overview of cash in commerce, Central Bank (Banxico) suggests that, cash is still the leading payment method at the checkout with a 95% preference for personal expenses such as transportation, food and pantry, while 8% prefer debit card, 4% credit card and a similar percentage uses pantry vouchers.
With all the talk around payments innovation, Elite considers that now is the time to look further, envision the personalization of payment methods for customers and increase conversions, while unlocking the data potential for all involved parties.
Hiring an electronic terminal is still a difficult decision, since banking institutions require to cover a minimum billing which will represent an expense more than an advantage if such amount is not reached. However, banks are starting to understand that their competitive position is about to change followed by innovative FinTech business models that are leading the path of disruption.
Banks and FinTech companies complement each other. Banks bring their credibility, high security standards, and a strong customer base, and FinTechs come with the latest technology, a great user experience, and the agility to respond to changing market trends. Despite predictions that FinTechs will disrupt the banking industry, what we see in practice is that they act as enablers for financial institutions. We’re witnessing an evolution, rather than a transformation, of business models and market approaches. This is exactly where Elite wants to be, we wanted to keep it simple and safe.
With all the talk around payments innovation, Elite considers that now is the time to look further, envision the personalization of payment methods for customers and increase conversions, while unlocking the data potential for all involved parties.
Hiring an electronic terminal is still a difficult decision, since banking institutions require to cover a minimum billing which will represent an expense more than an advantage if such amount is not reached. However, banks are starting to understand that their competitive position is about to change followed by innovative FinTech business models that are leading the path of disruption.
Banks and FinTech companies complement each other. Banks bring their credibility, high security standards, and a strong customer base, and FinTechs come with the latest technology, a great user experience, and the agility to respond to changing market trends. Despite predictions that FinTechs will disrupt the banking industry, what we see in practice is that they act as enablers for financial institutions. We’re witnessing an evolution, rather than a transformation, of business models and market approaches. This is exactly where Elite wants to be, we wanted to keep it simple and safe.