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The network is missing some of the most popular P2P apps like Cash App, which has 52.9 million US users. It also does not yet connect to digital wallets like Apple Pay and its 48.7 million US users or Google Pay鈥檚 26.4 million US users. This article originally appeared in Insider Intelligence's Payments Innovation Briefing鈥攁 daily recap of top stories reshaping the payments industry.

Travelers may want to let loose on vacation, but they want their premium travel credit cards to be locked down tight. The most in-demand feature of these cards is free identity theft insurance, with 53% of prospective users in the US saying it was 鈥渆xtremely valuable鈥� to them, according to our 鈥淯S Premium Travel Credit Card Emerging Features Benchmark 2022鈥� report.

For example, Revolut鈥檚 Ultra service lets users invest in commodities, like gold and platinum, and buy stock in Google and Apple for reduced trading fees. Sustainable investment allocations and strategies. Given their relative youth, mass affluent consumers share many of millennials鈥� environmental and social justice concerns.

From what we've seen as one of the classic Neobank profitability plays, which is charge each user or each group of users a fee, raise it to go beyond the core features in this case like family banking, PR control, financial education tools, debit card. And what they're doing now is using companies as their distribution channel as opposed to each individual consumer.

Users can pay with their desired card without entering their card information at checkout and approve the transaction via mobile authentication. Card details are encrypted and aren't shared with the merchant. Why it matters for Mastercard: Card networks are encountering a growing threat at the online POS, and expanding Click to Pay can mitigate those concerns.

But Zelle remains plagued by policymakers鈥� concerns that its users are vulnerable to fraud. In response, it is refunding victims of imposter scams and sending in-app alerts to help ensure users only send money to trusted recipients. Competitors are incorporating embedded finance options to turn P2P volume into revenues.

The number of softPOS users globally will surge 475% between 2022 and 2027, according to Juniper Research. Pismo can help make Visa or Mastercard more attractive for issuers. Both firms are no stranger to M&A deals: In the last five years, Visa and Mastercard have acquired 14 and 28 companies, respectively, per M&A database Mergr.

But presenting users with this information still leaves them with the burden of deciding how to act on it. PFM tools need to become central to 耻蝉别谤蝉鈥� lives. If PFM functions are to change consumers鈥� behaviors and improve their financial health, they can鈥檛 be buried in a submenu or require extensive manual input and oversight.

But mobile banking apps and other digital banking mechanisms make transactions more susceptible to fraud and consumers more likely to fall for scams. Consumers believe it鈥檚 up to banks to prevent this. 72% of respondents said they use their mobile banking app several times a week.

High-quality user experiences are top of mind for millennials. Superior mobile banking capabilities are essential to converting millennial consumers. When asked about which factors ultimately led them to buy their banking products and services, 42.7% of millennials cited mobile banking capabilities.

But while some fintechs are designed specifically for older users, it's a different story industrywide. Most fintechs design solutions and platforms geared toward younger consumers. And few fintech founders are baby boomers. Understanding older generations鈥� needs may come less naturally to many startups, per Sifted.

Trustwave began preparing a statement to share with Money Lover users to let them know their personal data wasn鈥檛 safe. It wasn鈥檛 until January 27 that Trustwave was no longer able to access the sensitive information. It still hasn鈥檛 received any word from Finsify.

BNPL users skew heavily toward lower-income groups, per our forecast, and credit cards are still seeing strong interest from more affluent Gen Zers. At American Express, for example, millennials and Gen Zers made up more than 60% of proprietary consumer card acquisitions in Q4 2022.

How are volume, adoption, and usage patterns changing within each segment? What are the top trends impacting payment providers鈥� growth and revenue strategies in 2023? WHAT鈥橲 IN THIS REPORT? We define and size major payment methods, offer growth insights and forecasts, and evaluate key trends affecting usage in the year to come.

An intuitive user experience: Small-business owners want powerful platforms, but prefer simple and easy-to-understand language, as owners can鈥檛 always prioritize sharpening their financial acumen.

France will have 13.1 million P2P mobile payment users in 2023, making up 24.5% of the population. And when the EPI expands the pilot to additional markets and use cases, it will help reach the 78.7 million people we expect will use proximity mobile payments in Western Europe. Will it work?

Digital banking and the prevalence of digital banks now makes it much easier for consumers to move funds and search for better alternatives. They鈥檙e also highly motivated to optimize their savings, as inflation still weighs heavily on the cost of living.

Bank of America leads US banks in Instagram followers: Social media鈥檚 influence on Gen Z鈥檚 financial behavior underscores its importance in marketing campaigns.

Increasingly, banks will seek to start the customer journey even earlier with kid- and teen-focused financial apps, converting younger users into customers as they reach adulthood.

However, the proportion has been on a steady and ongoing decline: Nearly 73% of the adult population were in-branch banking users in 2017 versus 56.4% by 2027, per our forecast. But that still represents over 154 million people. Click here to view our full forecast for US in-branch banking users and penetration.

In the second of five reports in our 鈥淧ayments Ecosystem 2024鈥� collection, we look at what鈥檚 influencing how consumers are paying today鈥攁nd what payment providers can do to capture a larger piece of the retail spending pie.

They learn from user interactions and, over time, develop a knowledge base of questions and responses. Rivalry across the Big Six banks has led to wide AI chatbot availability in Canada. Users in Canada will attain the highest rate of chatbot adoption among our forecast set in the coming years. By the end of 2026, we expect that a little more than half of adults in Canada will use AI bank chatbots.

Gen Alpha is on track to become the largest generation. Banks must start building relationships with children today to convert them into customers as they grow up.

These companies are focusing on digital banking and payment experience and are moving ad spending dollars to digital. However, this segment also mirrors the overall US market, where there are vulnerabilities in spending, reduced lending, and lower deposit levels. Some smaller banks also remain unstable. By 2026, the growth rate will be just 9.5%.