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PayPal. PYMNTS.com. The Financial Brand. Treasury Prime.

But these users are already loyal to their preferred P2P app, with the industry dominated by Venmo, PayPal, Zelle, and Cash App. And feature innovation in digital wallets is making consumers even more attached to their preferred wallet. For example, new features like PayPal鈥檚 digital smart receipts and package tracking create more use cases for the app, boosting user loyalty.

Note: Examples of websites or apps primarily engaged in financial services include those of banks (e.g., Chase, Wells Fargo), fintechs (e.g., buy now, pay later services, insurtechs), and payment providers (e.g., Block, PayPal).

PayPal, for example, plans to tighten Venmo integration this year, while Zelle鈥檚 parent company Early Warning Services is exploring a retail ecommerce wallet.

PayPal. Paysafe. Pipedrive. PYMNTS. Tearsheet. Walmart.

These include PayPal, Apple Pay, and Venmo. 4. Consumers are spending more time with mobile ecommerce apps. Last year, consumers worldwide spent 12% more time on mobile ecommerce apps compared with 2021, per Adjust.

We forecast total retail return value to reach $931.85 billion this year, a 2.0% increase over 2023. 81% of US digital shoppers review return policies before making a purchase with a merchant for the first time and 73% agree that a poor returns experience impacts their decision to shop with a merchant in the future, according to an August 2023 survey from Happy Returns and PayPal.

It can also help boost Amazon Pay adoption, which is struggling to stay competitive against other 鈥渂uy鈥� buttons like PayPal or Shop Pay. Some retailers may be hesitant to adopt Amazon鈥檚 buy button because they want to prevent Amazon from gaining real estate on their checkout pages or access to their valuable merchant data.

So far this year, 83% of US adults have been scammed or targeted by fraudsters on payment apps like Venmo, PayPal, and Zelle, per Security.org. This is a sharp increase from the 68% who said they were scammed last year and the 48% in 2022. The bigger picture: While ID verification can help protect users, it also adds friction to the payments process.

PayPal. Savanta. Snap Inc. Toluna. The Retail Technology Show. YouGov.

Almost 30% of consumers plan to use PayPal for holiday shopping, and about 15% plan to use Apple Pay, per i2c and PYMNTS. Twenty-eight percent of shoppers said they鈥檒l use their rewards points to purchase gifts, highlighting another way consumers are trying to save money.

Despite rapid digitization, providers shouldn鈥檛 close their retail doors just yet

It might not be PayPal though as we've already previously discussed. David Morris:. I happen to like PayPal a little bit actually. Rob Rubin:. Let's jump to the last of the five use cases, which is mobile and digital wallets. Will we start to see AI being built into these things for capabilities? Angela Murphy:.

PayPal is also a contender, Toplin said. Combined with Venmo, the platform offers peer-to-peer payments, in-store payments, credit and debit cards, and crypto functionality. Listen to the full episode. This was originally featured in the Banking & Payments Daily newsletter. For more retail insights, statistics, and trends, subscribe here.

But payment options, or the lack thereof, also lead to increased rates: 59% of retailers said their customers have frequently abandoned a shopping cart when their preferred payment is unavailable, according to a survey from PayPal. What鈥檚 at stake? If online retailers don't cater to Gen Z payment preferences like making Apple Pay available, they risk losing out on Gen Z鈥檚 quickly growing buying power.

PayPal also hinted at layoffs in its Q3 earnings. The takeaway: With Dorsey back at the helm of Square, effective in October, we can expect major cost-cutting efforts and new strategic priorities. Block is diversifying to become less reliant on Cash App for growth, which should reinforce its strength in the long term.

How this can benefit Amazon: Amazon may be trying to spur Amazon Pay adoption as it struggles to compete against other buy buttons, like PayPal or Shop Pay. Despite internal success, some retailers and larger sellers could be reluctant to adopt Amazon Pay because they don鈥檛 want Amazon to access any real estate on their checkout pages.

For example, Apple recently opened up its NFC tech to third-party mobile wallets, and last year, PayPal added Apple Pay as a payment option for its Advanced Checkout.

Its entry would likely dampen BNPL growth prospects for Klarna, Afterpay, and PayPal鈥攁nd spell doom for BNPL providers lacking broad wallet ecosystems. Gen Z will be the primary growth driver, but cross-generational marketing could bring more older consumers to BNPL. The number of Gen Z BNPL users will grow by around 64% from 2023 through 2027 to nearly match millennial users.

Over half (55%) of US digital shoppers say they have abandoned a purchase because the return policy didn鈥檛 offer a convenient return option, per an August 2023 survey from Happy Returns commissioned by PayPal. But instead of lengthening return windows, 42% of retailers have reduced the amount of time that customers have to return items within the past year, per a December 2023 survey by Blue Yonder.

More Chart of the Day:. 8/15 - The social generation. 8/14 - Everyone tries on AI. 8/11 - In search of ads. 8/10 - PayPal leads the P2P pack. 8/9 - Retail ecommerce sales near milestone.

Players like PayPal, Apple, and Amazon all fared better. Apple is especially well primed to win Gen Zers. It could pose a serious threat to banks at the consideration stage. Apple鈥檚 UX and brand loyalty are unparalleled, and it has been boring ever deeper into mainstream financial services for over a decade.

More Chart of the Day:. 8/11 - In search of ads. 8/10 - PayPal leads the P2P pack. 8/9 - Retail ecommerce sales near milestone. 8/8 - Saved by the bell. 8/7 - Generation AI.

Financial media networks in particular are becoming mainstream, thanks to new platforms by Chase and PayPal鈥攆ueling a 64.1% increase in US financial media network ad spend this year, per our June 2024 forecast. The rise of commerce media networks is changing the way advertisers approach targeting and how consumers interact with brands. Here are four predictions on these emerging trends. 1.

More Chart of the Day:. 8/10 - PayPal leads the P2P pack. 8/9 - Retail ecommerce sales near milestone. 8/8 - Saved by the bell. 8/7 - Generation AI. 8/4 - Programmatic video keeps growing. Methodology: Data is from the July 2023 NP Digital report titled "Paid Media Fast Forward." 1,000 US paid search marketers were surveyed online during April 2023.