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Shoppers are relying on their smartphones more, as enhancements in mobile payments, social media checkout, and retailer apps make purchases easier than ever. This year, US shoppers will spend $558.29 billion on their mobile devices, accounting for 44.6% of overall ecommerce sales, according to our November 2023 forecast. We delve into the consumer embrace of mcommerce, unpacking three key drivers.

The payments provider maintained impressive POS growth given heightened competition in the space

Chase’s newly launched financial media network has opened the floodgates for other financial institutions. While lucrative on paper, securing advertiser and customer buy-in isn’t guaranteed.

How we got here: A year ago, the CFPB proposed supervising large digital wallets and payment apps like it does banks and credit unions, arguing the lines have blurred between Big Tech and finance. This proposal was met with fierce opposition from Big Tech. It’s unclear whether this reported move is part of this broader effort, or if the agency has specific concerns around Google’s financial products.

Their model proved they can include BNPL loans without hurting most consumers’ credit scores

Working with Visa will bring the future P2P platform added trust and security—as well as real-time payment capabilities

US digital commerce platforms will process $471.37 billion of their own payments by 2026. As a result, they’ll enjoy stronger customer relationships, added revenues, and cross-sell synergy.

Holiday spend, international transactions, and non-card payments boosted growth

Led by retail media, commerce media is well on its way to becoming an essential component of many advertisers’ media budgets. But a rapidly diversifying field of competitors will change how advertisers approach the channel.

Partnerships, non-card payments, and value-added services will help offset potential losses from the Capital One-Discover merger

Pays will put banks back in the digital wallet game. There is a pays,-. David Morris:. It's wonderfully worded so that,-. Rob Rubin:. Wallet. David Morris:. I can say yes actually, but. Rob Rubin:. I know. David Morris:. Yeah. Rob Rubin:. But they're in the game, but they're on the bench. No? David Morris:. I think that's a very good way to put, it's a really good way to put it.

It’s available now for Google Wallet users and will come to other digital wallets in February 2025. Why it matters: The instant payments system is wildly successful. Pix use shot up 74% YoY in 2023 to 42 billion payments, per the central bank data group Abecs. This is 23% higher than the credit and debit card volume in Brazil combined.

Our second annual study of US banking consumers reveals the key characteristics that make each generation’s customer journey unique. Banks can tailor their acquisition and retention strategies accordingly.

The enforcement action provides closure that could help boost the P2P app’s customer satisfaction in the long run