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2016 Credit Card Monitor Report “Beyond Apple Pay

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2016 Credit Card Monitor Report “Beyond Apple Pay 2016 Credit Card Monitor Report “Beyond Apple Pay: Payment Market Trends” Leon Majors March 2016 410-860-2005 [email protected] Copyright © Phoenix Marketing International 2016. All rights reserved Smartphone Growth Trend Substan=al growth coincides with the early Apple Pay period – leveling at 75% in October 2015. % of Credit Card HHs Owning a Smartphone (October 2014 – March 2016) ≈ 68 Million 75% 75% Smartphone HHs 73% + 8 Mil HHs Since 72% October 2014 Today ≈ 60 Million 66% September Launch of Smartphone HHs Android Pay and Samsung Pay October 20 Launch of Apple Pay October '14 February '15 July '15 October '15 March '16 > 4 Months > 8 Months > 12 Months > 16 Months Base: All Credit Card-Owning Respondents (n=3,003) As of March 2016 2 Copyright © Phoenix Marketing International 2016. All rights reserved Smartphones Enabling Third-Party Wallets The smartphones of most cardholders support mobile payments in third-party wallet apps. Note: In terms of the total household universe, mobile-ready smartphones address 58% of credit card households. % Smartphone Owners With Smartphone that Supports Mobile Payments (iPhone 6 / Android 4.4+ / Galaxy s6) ≈ 52.4 Million Credit Card HHs Eligible for 90% Smartphone Payments 84% 77% ≈ 14.7 Million ≈ 19.6 Million Credit Card HHs Eligible for Credit Card HHs Eligible for Smartphone Payments Smartphone Payments 64% 59% ≈ 4.3 Million ≈ 13.8 Million Credit Card HHs Eligible Note: Baby Boomers: lower incidence than Millennials but Credit Card HHs Eligible for for Smartphone comparable number of eligible phones. Smartphone Payments Payments Total Millennials (18-32) Generation X (33-48) Baby Boomers (49-67) Greatest Gen. (68+) Base: All Credit Card-Owning & Smartphone-Owning Respondents Per Age Segment (n=2,257 for “Total”) As of March 2016 3 Copyright © Phoenix Marketing International 2016. All rights reserved Cardholder Spending Value • While incidence rates among Gen X may be lower than among Millennials, the current value of Gen X’ers is higher than that of Millennials. • Generation X cardholders contribute 30% of market spending on credit cards – twice the spending share Avg. Month Spend on All Cards Owned in the HH $1,800 Difference of $400 per Month Per HH $1,462 $1,460 $1,500 $1,367 $1,384 $1,200 $1,112 $900 $600 Total Millennials (18-32) Generation X (33-48) Baby Boomers (49-67) Greatest Gen. (68+) Spend (SOM) 100% 15% 30% 38% 17% Spend HHs 100% 19% 28% 37% 16% 4 Copyright © Phoenix Marketing International 2016. All rights reserved Wallet Position & Movement • Apple Pay’s influence on TOW card selection is reflected in various questions throughout the Frequency of Changing the Default survey • For 55% of users, once the TOW is set, the Credit Card Apple Pay wallet is on ‘automatic pilot’ – unless the user is given a reason to move a new card into the default position. Never Regularly 13% 23% 42% 21% Rarely Occasionally Incidence of Changing Primary Card in the Past 3 Months All Cardholders 35% 34% 37% 32% Apple Pay Adopters 28% 10% 14% 21% 13% 14% 15% 16% 10% 0% Total Millennials Gen X Boomers Greatest Gen. Affluent Mass Market 5 Copyright © Phoenix Marketing International 2016. All rights reserved In-Market Third-Party Wallets Most credit cardholders have heard of a third-party smartphone payment app. % All Credit Cardholders Aware of Brands / Any Brand Aware of Any (Net) 84% Apple Pay 71% Google Wallet 67% Used Only for P2P Payments Since September 2015 PayPal 64% Samsung Pay 57% Android Pay 49% “Have you heard of any of these specific brands of smartphone wallet apps that let you make purchases with your smartphone instead of using a plas:c payment card ….?” Base: All Credit Card-Owning Respondents (n=3,003) As of March 2016 6 Copyright © Phoenix Marketing International 2016. All rights reserved Pre-Market Wallet brands* The advent of bank-branded and retail-branded apps are also gaining an awareness foothold in consumers’ minds. Awareness of Existing or Planned Smartphone Payment Apps Capital One Wallet 32% * Existing Bank-Branded App Chase Pay 29% Walmart Pay 29% Target Pay 22% LG Pay 17% CurrentC 12% “Have you heard of any of these specific brands of smartphone wallet apps that have been announced but are not yet widely available for consumers to use?” Base: All Credit Card-Owning Respondents (n=3,003) As of March 2016 7 Copyright © Phoenix Marketing International 2016. All rights reserved Mega-View: All Methods / All Apps 43% of smartphone owners have loaded any payment method to any smartphone payment app – led by credit card loads. % Smartphone Owners Loading Any Payment Method to Any Smartphone Payment App (Note: Survey Question is Broad and Can Include Closed-Loop Apps) Any Payment Method 43% Credit or debit cards most Any Credit or Debit Card 41% frequently loaded Credit Card 34% Debit Card 28% GPR Prepaid Card 15% Checking Account 16% “Do you have a payment card or a checking account number linked to any smartphone payment app that lets you make an in-store purchase or in-app purchase? For in-store purchases, the smartphone payment app is used instead of a plas:c card?” Base: All Credit Card-Owning & Smartphone-Owning Respondents Per Age Segment (n=2,257) As of March 2016 8 Copyright © Phoenix Marketing International 2016. All rights reserved Apple Pay Adoption Trend (% Total Market) The Apple Pay adop=on rate has climbed to 18% due to an increase in those loading a credit card. Incidence of Apple Pay Adoption by Card Type (% All Credit Cardholders) Credit or Debit Card Credit Card 18% ≈ 16 Mil CC HHs Debit Card Credit and Debit Card 16% ≈ 14 Mil CC HHs 13% 14% Credit Card Loads Driving Growth 10% 12% 12% 9% 6% 6% 6% 6% ≈ 5 Mil CC HHs 5% 5% 4% 3% ≈ 3 Mil CC HHs October 20 Launch of February '15 July '15 October '15 March '16 Apple Pay > 16 Months > 4 Months > 8 Months > 12 Months Base: All Credit Card-Owning Respondents (n=3,003) As of March 2016 9 Copyright © Phoenix Marketing International 2016. All rights reserved Apple Pay Wallet Expansion Over the past year, adopters have been steadily adding credit cards to the Apple Pay wallet – intensifying the fight for preferred wallet posion. % Loaded 1 Credit Card “Do you expect to add more cards to your Apple Pay wallet? % Loaded 2+ Credit Cards 74% 59% 65% 64% 2015 Credit Card 58% 31% Monitor 41% 69% 34% 42% 35% 26% 26% Add Credit Add Debit Keep the Same February '15 July '15 October '15 March '16 Base: Loaded any Payment Card to Apple Pay Within Time Period As of March 2016 10 Copyright © Phoenix Marketing International 2016. All rights reserved Broader “Pays” Market - Adoption & Usage Samsung Pay and Android Pay have achieved a comparable market posi=on – on a par with Apple Pay’s posi=on the first six months aer launch. % Loading Credit or Debit Card 24% % Using for In-Store or In-App Purchase 23% 18% 17% 12% 11% 11% 10% Net Pays Apple Pay Samsung Pay Android Pay “Do you have a payment card or a checking account number linked to any smartphone payment app that lets you make an in- store purchase or in-app purchase? For in-store purchases, the smartphone payment app is used instead of a plas:c card?” Base: All Credit Card-Owning Respondents (n=3,003) As of March 2016 11 Copyright © Phoenix Marketing International 2016. All rights reserved Card Types Loaded in the Broader Market Credit cards are more frequently loaded than debit cards for each brand. PayPal has a stronger debit card profile than the other brands. % Loaded Credit Card % Loaded Debit Card 86% 77% 75% 65% 59% 44% 48% 31% Apple Pay Adopters Android Pay Adopters Samsung Pay Adopters PayPal Adopters n=583 n=367 n=414 n=694 “Do you have a payment card or a checking account number linked to any smartphone payment app that lets you make an in- store purchase or in-app purchase? For in-store purchases, the smartphone payment app is used instead of a plas:c card?” 12 Copyright © Phoenix Marketing International 2016. All rights reserved Credit vs. Debit Cards Across Brands Apple Pay loads favor credit cards while PayPal loads favor debit cards. Share of Cardholders* Loading Credit Card Share of Cardholders* Loading Debit Card to to One or More Third-Party Apps One or More Third-Party Apps 19% 29% 33% 44% 17% 19% 18% 20% * Base: Duplicated total of all cardholders loading a * Base: Duplicated total of all cardholders loading a credit card to indicated third-party wallet brand. debit card to indicated third-party wallet brand. “Do you have a payment card or a checking account number linked to any smartphone payment app that lets you make an in- store purchase or in-app purchase? For in-store purchases, the smartphone payment app is used instead of a plas:c card?” As of March 2016 13 Copyright © Phoenix Marketing International 2016. All rights reserved Past-Year & In-App Usage Most of those loading a credit or debit card have gone on to make at least one purchase. Most of this group have made at least one in-app purchase. Active Use Rates & In-App Use Rates % Using App to Make Any Purchase (Among App Owners) % Making an In-App Purchase (Among App Users) 92% 91% 88% 84% 77% 76% 72% 67% Apple Pay Android Pay Samsung Pay PayPal As of March 2016 14 Copyright © Phoenix Marketing International 2016. All rights reserved Adoption Rates by Age Group The expected age-adop=on curve is shown for all brands – but Apple Pay pulls younger cardholders to a far greater extent than Android Pay or Samsung Pay.
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