In 2019, we are still looking for answers in the innovation of online payment apps. If you scan the current retail market and look for third-party payment apps that can be adopted, you either have more than two choices or one dominant player. However, when we view the payment applications and their usage in the seller marketplace, consumers tend to trust the direct payment system of the seller marketplace rather than opting for a third-party payment solution. Entersekt teamed with Harris Poll Company to survey consumer attitudes towards banking applications and payment system. Entersekt an Atlanta based authentication and mobile security company combined with Harris poll were commissioned towards better understanding the US consumers attitude toward the mobile app-based banking and payments. Over 1,900 US adults who owned mobile devices were polled for the study. Around 59 percent of the respondents reported using their mobile banking app at least once per week, out of the active group around 33 percent of respondents added they are using payment apps at least once in a week.  With e-commerce activity reaching the highest levels, why are the payment apps still have to use rewards offerings to attract customers?  The recent surge and competition between the banking app usage and payment app usage are keeping the payment application enterprises on their toes.  According to Entersekt’s chief commercial officer, Dewalt Nolte said in a statement that currently, No payment app has managed to reach the tipping point in the United States, where the consumers have accepted the applications. It also slowed adoption, together with the lagging contactless infrastructure and the lack of interoperability.

Impact of Generation

Teens and Young adults who are encompassing the millennial generation will be compromising of 40 percent of U.S. consumers by the year 2020. The group adds a digital technology and mobile phone as on their top priorities when communicating with the world. Almost 70 percent of the millennials use mobile banking apps daily, with 68 percent wanting an instant P2P payment. While being mobile first, Millenials are active users of different digital payment infrastructure.  Only 20 percent of the Minnelias visit the bank branches at least once in a week, however, this also comprises the overall high population that’s are doing some type of odd job.

Consumer Experience can be a Driver

The collection and analysis of massive amount of data have provided the foundational elements that can assist to improve the customer experience (CX) for all industries. Payment and banking applications are one of the biggest parts of the current digital revolution, the improved ability provides payment services that can induce a maximum number of customers. According to the recent survey, 70 percent of the current banking app users feel that the application design and experience are much more imperative that can make the payment experience easier. Most of the consumers that use e-commerce website and payment systems are also willing to share their data and bank account credentials with the third-party improving the banking capability and regulatory acceptance.

Moving Towards Digital Payment

The lack of added value for the mobile payment compared to the cash-based payment has been causing for very modest acceptance of digital payment. However the in 2019, we can witness a significant growth in terms of mobile payment with open banking APIs and improved experience that could enhance the customer experience with added benefits of rewards and instant alerts through digital channels. We see a generation of consumer rise through cash-based system demanding an exceptional digital payment experience on all the platforms especially on their smartphones. With unregulated offers, rewards, and discounts we are seeing an exceptional rise in the digital payment system. Currently close to one-third of consumers agree that they might discard their banking applications if the third party payments apps can provide the complete account data. So the need for interoperability is what will be next big step towards uniform banking experience for all.


The prize for the bankers and banking apps is to implement the interoperability. If you accept the survey data as the representation of the real world 68 percent of the consumers agreed that use one or more app for banking payment, while 37 percent of them reported having used more than three apps for payment. Considerably increase in demand for an all-in-one app for payment and banking is the specific request many of the current customers are making. The usage of multiple applications causes consumers to view different application when you want to recheck the payment charges and also the notification usually differ making the consumers scroll through different applications of banking and payment. The all-in-one banking and payment app solutions are most attractive for the younger generation that includes 18 to 44 years with 78 percent of the agreeing to the need, 68 percent even added that if one-in all application is presented they will be inclined to give up cash and/or physical credit cards as a result. The demand for specialized payment apps won’t change, with retail brands that power the loyalty programs, with improved program promotions and on the go experience for better peer to peer payment solution that can assist the banking apps.  The worldwide mobile payment revenue was the U.S. $450 billion in 2015 and is all set to reach the U.S. $1 trillion by 2019.


The payment industry has shifted its dome from the card-based payment system to phone or app-based payment system. The next stage is the phone to phone dominance, payments have now shifted towards the PoS machines, Online and between app to app. Using the app-based payment system consumers and business are able to make an easy transition towards the peer to peer payment, peer to business payment and even between businesses.

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