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Forbes
4 days ago
- Business
- Forbes
It's Time To Take A Fresh Look At The Consumer Payment Experience
Tom Furr is CEO of PatientPay. Digital innovation took the consumer experience to new heights in industries like retail and banking, yet innovation adoption remains low in industries like healthcare—and it's costing organizations money and loyalty. One area where healthcare and other industries should focus their digital innovation efforts, according to experts, is payment. In healthcare alone, 72% of adults 35 and younger have switched healthcare providers for a better payment, according to a recent JPMorgan report. Dissatisfaction with a lack of modern payment solutions, such as the ability to accept a digital wallet or mobile payment system, runs high; a PYMNTS survey highlighted that 33% of healthcare consumers become frustrated when modern payment solutions aren't offered. Meanwhile, in retail, shoppers will abandon their carts if they are unable to pay for their purchase with their preferred form of payment. In fact, 70% determine where to shop online based largely on how they can pay for their purchase. These are signs that organizations can't afford to leave their payment experience to chance. It's time for leaders across industries to explore what's missing in the consumer payment experience—and how to elevate their approach. The Cost Of A Lackluster Approach To Payment Consumers crave both digital and non-digital connections with organizations and brands, with 42% saying they are choosing in-person, physical retail store experiences more now than a year ago, an Accenture survey found. But when it comes to payment—both in-person and online—consumers prioritize digital convenience. The May 2025 analysis by JPMorgan found that in healthcare alone: • 62% of consumers prefer to pay their medical bills online. • Just 6% of consumers prefer to pay their medical bill with a check. • In response, 34% of providers are reducing options for check-based or cash payments at their facilities. When providers cling to more manual methods of payment and payment reconciliation, efficiency declines—and so does patient satisfaction, healthcare executives and decision makers surveyed by PYMNTS say. Moreover, these organizations must deal with system maintenance costs as well as cybersecurity protections that ensure regulatory compliance. But simply installing digital payment readers or expanding the breadth of payment options that can be accepted in person or online isn't enough to create a consumer-centric digital payment experience. Instead, leaders should look for ways to optimize the total experience while creating efficiencies that decrease administrative burden and expense. Taking A More Consumer-Centric Approach Applying digital innovation to the payment experience offers strong potential to elevate both satisfaction and revenue while reducing cost. Here are three key considerations in determining where to start. Are consumers greeted with complex forms to complete or multiple pathways to follow before payment options are introduced? The degree to which consumers encounter friction significantly contributes to shopping cart abandonment. In a survey of shoppers who said they had abandoned a potential online purchase in the previous three months, 18% did so because the checkout process was too long or too complicated, a Baymard Institute analysis found. Nearly one out of five did so because the site required them to create an account to proceed. In this environment, digital innovations that create a seamless payment experience from the start of the checkout process matter. In healthcare, for example, providers that leverage text-to-payment solutions are more likely to capture payment via a mobile device when a secure link takes them directly to their account. This eliminates the need to log onto a patient portal—if the patient remembers their password. Another best practice: ensuring consumers can quickly see how the amount owed was determined, a layer of transparency that establishes trust. Consumers overwhelmingly indicate a preference for mobile payment, with the JPMorgan report finding that just 17% of consumers pay their bills via paper check and three out of four pay for subscriptions via automated electronic payments. But with so many digital payment options available, which options are most likely to appeal to consumers? One option, depending on the size and type of the business, is to survey consumers for their preferences. Another is to lean into industry data. For instance, a PCMI survey found digital wallets were used in one out of three consumer and business transactions in 2024. The top digital wallets included Apple Pay, PayPal, Google Pay and Alipay. And while credit card transactions are decreasing, they still contribute to a sizable portion of payments, according to the survey. The Federal Reserve's 2025 Diary of Consumer Payment Choice is also an excellent resource for consumer payment data and trends. In industries like healthcare, for example, automated payment reconciliation—which matches incoming electronic payments to invoices—improves accuracy and cash flow. It also takes pressure off staff by eliminating the need for manual reconciliation, a process that is both tedious and error-prone. The right platform can provide the ability to reconcile credit card, digital wallet and lockbox payments with higher accuracy. Higher degrees of accuracy reduce the need for refunds. Conclusion By approaching digital payment innovation from a consumer lens, organizations can more effectively develop the payment experience consumers want while increasing revenue and reducing unnecessary administrative expense. It's a modern move that builds efficiency, loyalty and trust. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Zawya
02-07-2025
- Business
- Zawya
UAE leads world in mobile shopping: Visa Acceptance Solutions
Dubai, UAE: The UAE has emerged as the world's leading market for mobile shopping, according to the 2025 Global Digital Shopping Index, UAE edition, commissioned by Visa Acceptance Solutions and conducted by PYMNTS Intelligence. Drawing on insights from a survey of 1,679 consumers and 329 merchants in the UAE, the report examines the growing role that mobile devices play in consumer behavior, providing UAE retailers insights to deliver more convenient and secure shopping experiences for their customers. Key findings: 67% of UAE consumers used their phones as part of their latest retail purchase - marking a 23% increase since 2022. UAE has the highest rate of online shopping with mobile devices, at 37%, ahead of Singapore (34.8%), the U.K. (27.6%), and Brazil (24.4%). 32% of UAE consumers surveyed used biometric authentication (such as fingerprint or facial recognition) for their latest online retail transaction, far exceeding the global average of 17%. 53% of UAE consumers want to use cross-channel shopping (across physical and digital channels and different devices), the second-highest rate globally. UAE shoppers rank among the highest worldwide in preferring rewards programs (75%), free shipping (73%), and price matching (70%). 38% of UAE shoppers made their most recent retail purchase online through a mobile phone or computer for home delivery. These trends are supported by a robust business and regulatory environment, with UAE merchants and government working closely to deliver secure, seamless, and customer-centric digital payment experiences. 'The UAE's approach shows what is possible when all stakeholders work together to build the future of commerce. Visa is delighted to contribute to the UAE government's digital commerce agenda, and we remain committed to working with local businesses and banks to introduce innovations such as Visa's Click to Pay that can deliver the digital payment experiences that today's consumers demand," said Salima Gutieva, Visa's Vice President and Country Manager for UAE. Demographics Consistently high rates of mobile shopping across demographic segments underscore just how universal the mobile-first mindset has become in the UAE. Millennials lead in mobile shopping at 73%, while Generation Z trails Generation X slightly. Baby boomers and seniors dropping off sharply, with just 18% using a mobile phone for their latest purchase. What this means for UAE businesses Retailers in the UAE can drive sales by ensuring their customers have frictionless payment and checkout experiences. Offering a wide range of payment options is crucial, as 77% of UAE shoppers say this factor influences where they shop. Also, just over one in four UAE consumers surveyed used credentials stored with the merchant for their most recent transaction, compared to 45% for the study average. These findings suggest that retailers should look for ways to make their stored credential offerings more appealing, while also providing the one-click options and biometric authentication that many UAE consumers prefer at checkout. To accelerate the digital transformation of retail, Visa is working with local partners to roll out Visa Click to Pay, which streamlines online shopping by providing advanced checkout experiences, eliminating the need to manually enter card details. At participating eCommerce platforms, consumers can simply click the Click to Pay button to complete their purchase quickly and securely use their preferred Visa card and shipping address. Visa's Click to Pay relies on tokenization as well as biometric authentication to protect consumer data. Biometric authentication is performed on the consumer's device and does not require the transfer of any biometric information. About the Report Findings are based on the 2025 Global Digital Shopping Index, which surveyed 18,468 consumers and 3,464 merchants across eight countries (U.S., U.K., Brazil, Mexico, Singapore, Australia, Saudi Arabia, and the UAE) between October and December 2024. For the UAE edition, 1,679 consumers and 329 merchants were surveyed. About Visa Inc. Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at About PYMNTS Intelligence PYMNTS Intelligence is a leading global data and analytics platform that uses proprietary data and methods to provide actionable insights on what's now and what's next in payments, commerce and the digital economy. Its team of data scientists include leading economists, econometricians, survey experts, financial analysts, and marketing scientists with deep experience in the application of data to the issues that define the future of the digital transformation of the global economy. This multi-lingual team has conducted original data collection and analysis in more than three dozen global markets for some of the world's leading publicly traded and privately held firms.
Yahoo
03-06-2025
- Business
- Yahoo
Becoming a millionaire is more realistic than you'd think — here's how to get it done even on a modest salary
It's easy to assume that wealth and income are deeply intertwined. After all, how does anyone become wealthy without a high-income stream? However, data gathered by Dave Ramsey's team suggests the link between wealth and income may be weaker than most people assume. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) According to The National Study of Millionaires, conducted by Ramsey Solutions, only 31% of American millionaires earned an average annual income of $100,000 over the course of their careers. Perhaps even more surprising is that one-third of these millionaires never reached the six-figure income milestone throughout their careers. In other words, it's completely realistic to reach a seven-figure net worth without earning a six-figure salary. However, this modest income path to millionaire status does require more effort and discipline. The key to accumulating wealth is managing expenses. Many ultra-high-income individuals struggle to break into the millionaires club because they let lifestyle inflation consume them. In fact, 36% of Americans earning more than $200,000 a year said they were living paycheck to paycheck, according to a PYMNTS survey from 2024. By comparison, someone with a modest five-figure income coupled with better savings and investing skills could be more likely to reach millionaire status. However, a high-savings rate isn't a silver bullet. To break into the millionaires club with a mid-range income, you'll need to invest wisely and start as early as you can. The magic fuel that drives the compounding growth effect is time. In a long enough time frame, even modest savings and lacklustre investment returns can turn into serious wealth. For instance, an 18-year-old would need to save only $250 a month and earn a modest 7% annual return on investment to reach $1 million by the age of 66. Put simply, if you want to accumulate exceptional wealth without an exceptional income, starting as early as possible is essential. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Another essential ingredient in your modest-income-to-millionaire journey is reducing your exposure to debt. After all, a high-interest loan can effectively offset all the positive impacts of a diligent savings and investing strategy. For most people, avoiding debt — especially the expensive type — is their biggest challenge. As of early 2025, American households collectively had nearly $5 trillion in non-housing debt such as student loans, auto loans and credit card balances, according to the New York Federal Reserve. Serving this debt could be one of the key reasons why the average personal savings rate in America is only 4.9%, according to the Federal Reserve Bank of St. Louis. By limiting or eliminating consumer debt, you can save more. That could be the key to your financial freedom, regardless of your income. Life can be messy and even if you follow all the traditional financial advice, your journey to financial freedom could be derailed by health issues, divorce, bankruptcy or emergencies. If you're approaching retirement without much savings or a high-paying career, your chances of becoming a millionaire are greatly diminished. However, this doesn't mean it's impossible to enter the club. Creative solutions could help you get there despite the odds. For instance, you could boost your savings rate by temporarily moving to a town or country with a lower cost of living. Working remotely while paying modest rent in Mexico, for example, could help you accumulate wealth faster. You could also consider delaying retirement. Adding five or even 10 years to your retirement plan could make a significant difference, especially if you're starting to build your nest egg later in life. A 40-year-old would need to save just $900 a month and earn a 7% return on investment to reach millionaire status at 75. Finally, you could boost your investment returns by investing in alternative assets such as rental property, farmland, small businesses or high-growth tech stocks. There's always a practical path to the seven-figure club, regardless of your age or income. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
21-05-2025
- Business
- Yahoo
8 States Changing Their Crypto Policies — Is Yours One of Them?
Unless you've been living under a rock, you've surely heard about cryptocurrency by now or have at least heard the term. Over the past several years, cryptocurrency has emerged as an alternative currency that can be bought and sold as a digital asset. While some have embraced crypto like President Trump, others have not and this includes some U.S. states. Read Next: For You: PYMNTS reported that since Trump took office for his second term, he's pushed the idea of creating a crypto reserve with plans to make the U.S. the capital of cryptocurrency. In March, Trump signed an executive order to create a 'Strategic Bitcoin Reserve.' The order mandates the establishment of a 'United States Digital Asset Stockpile' to serve as a secure account for the management of federally held digital assets. Discover Next: It's explained that the U.S. government currently holds a significant amount of Bitcoin (BTC), but has yet to implement a policy to maximize Bitcoin as a 'unique store of value in the global financial system.' Ultimately, Trump wants to harness the power of crypto to the country's advantage. While the president is taking action to make crypto a relevant store of value at the federal level, some states that initially set out to establish their own crypto reserves are walking back the idea. Some states had plans to allocate a percentage of their public funds to invest in Bitcoin. But now, these states are rejecting the proposed crypto legislation: Florida Arizona Montana North Dakota Oklahoma Pennsylvania South Dakota Wyoming For example, AInvest reported that a pair of bills proposed in Florida, House Bill 487 and Senate Bill 550, were created to establish a strategic Bitcoin reserve at the state level. However, lawmakers are walking back their legislative efforts. Ultimately, the bills faced opposition and pushback before passage and were withdrawn. The state's legislative inaction could slow down the adoption and relevance of Bitcoin as a viable digital asset. In Arizona, similar crypto legislation made it further than it did in Florida. It passed both chambers of government, only to be vetoed by the state's governor. Arizona Gov. Katie Hobbs ultimately rejected legislation that planned to invest part of the state's retirement fund into Bitcoin. 'Arizonans' retirement funds are not the place for the state to try untested investments like virtual currency,' Hobbs wrote in a letter to the state senate president, as reported by PYMNTS. Mitrade explained that in Montana, the state's proposed Inflation Protection Act, which was passed by the House Business and Labor Committee, included the creation of a state Bitcoin reserve fund. However, the legislation was voted down by the full House; the final vote was 41 in favor and 59 against. The debate over the proposed bill included proponents who said it was a smart way to enhance state funds and opponents labeled the bill as speculative and a risky use of taxpayer money. Particularly at the state level, there is continued debate over whether cryptocurrencies like Bitcoin are still considered speculative assets or not. While some digital assets have seen impressive gains, they can also be highly volatile and result in major losses (including Bitcoin). Establishing crypto reserves at the state level will require overcoming significant political opposition and regulatory challenges. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on Sources: PYMNTS, 'States Halting Efforts to Create Strategic Bitcoin Reserves.' The White House, 'Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile.' This article originally appeared on 8 States Changing Their Crypto Policies — Is Yours One of Them? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-05-2025
- Business
- Yahoo
8 States Changing Their Crypto Policies — Is Yours One of Them?
Unless you've been living under a rock, you've surely heard about cryptocurrency by now or have at least heard the term. Over the past several years, cryptocurrency has emerged as an alternative currency that can be bought and sold as a digital asset. While some have embraced crypto like President Trump, others have not and this includes some U.S. states. Read Next: For You: PYMNTS reported that since Trump took office for his second term, he's pushed the idea of creating a crypto reserve with plans to make the U.S. the capital of cryptocurrency. In March, Trump signed an executive order to create a 'Strategic Bitcoin Reserve.' The order mandates the establishment of a 'United States Digital Asset Stockpile' to serve as a secure account for the management of federally held digital assets. Discover Next: It's explained that the U.S. government currently holds a significant amount of Bitcoin (BTC), but has yet to implement a policy to maximize Bitcoin as a 'unique store of value in the global financial system.' Ultimately, Trump wants to harness the power of crypto to the country's advantage. While the president is taking action to make crypto a relevant store of value at the federal level, some states that initially set out to establish their own crypto reserves are walking back the idea. Some states had plans to allocate a percentage of their public funds to invest in Bitcoin. But now, these states are rejecting the proposed crypto legislation: Florida Arizona Montana North Dakota Oklahoma Pennsylvania South Dakota Wyoming For example, AInvest reported that a pair of bills proposed in Florida, House Bill 487 and Senate Bill 550, were created to establish a strategic Bitcoin reserve at the state level. However, lawmakers are walking back their legislative efforts. Ultimately, the bills faced opposition and pushback before passage and were withdrawn. The state's legislative inaction could slow down the adoption and relevance of Bitcoin as a viable digital asset. In Arizona, similar crypto legislation made it further than it did in Florida. It passed both chambers of government, only to be vetoed by the state's governor. Arizona Gov. Katie Hobbs ultimately rejected legislation that planned to invest part of the state's retirement fund into Bitcoin. 'Arizonans' retirement funds are not the place for the state to try untested investments like virtual currency,' Hobbs wrote in a letter to the state senate president, as reported by PYMNTS. Mitrade explained that in Montana, the state's proposed Inflation Protection Act, which was passed by the House Business and Labor Committee, included the creation of a state Bitcoin reserve fund. However, the legislation was voted down by the full House; the final vote was 41 in favor and 59 against. The debate over the proposed bill included proponents who said it was a smart way to enhance state funds and opponents labeled the bill as speculative and a risky use of taxpayer money. Particularly at the state level, there is continued debate over whether cryptocurrencies like Bitcoin are still considered speculative assets or not. While some digital assets have seen impressive gains, they can also be highly volatile and result in major losses (including Bitcoin). Establishing crypto reserves at the state level will require overcoming significant political opposition and regulatory challenges. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on Sources: PYMNTS, 'States Halting Efforts to Create Strategic Bitcoin Reserves.' The White House, 'Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile.' This article originally appeared on 8 States Changing Their Crypto Policies — Is Yours One of Them?
