Beyond Cards and Mobile Phones: Payment Form Factors of the Future

Every alternative payment device mentioned in this report received some level of interest from consumers.

Boston, June 16, 2021 –Imagine a consumer using the most convenient form of payment in any given situation. What would that look like, and how does it resemble the way people pay today? Although consumers may have defaulted to paying with their physical card or mobile device for most card payments, new habits can be created by devices that are more convenient, easy to use, and faster than what is currently available. Alternative payment form factors can transform the way consumers pay.

This report highlights six payment form factors that are alternatives to the physical card or mobile phone: connected vehicles, connected home devices, merchant terminal biometrics, wearables, implants, and pay by thought. It is based on a quantitative survey of 383 consumers in the U.S.; interviews with 18 bank and credit union executives in the U.S. and interviews with global software providers, alternative payment form factor device-makers, and automobile manufacturers in March and April 2021; and desk research as well as the author’s experience managing card programs at U.S. financial institutions.

This 55-page Impact Report contains 19 figures and 13 tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions ABCorp, Alipay, Amazon, American Express, Apple, Armillion, Bank of America, Capital One, Car IQ, ConnectedTravel, Costa Coffee, CPI Card Group, Dangerous Things, DressCode Shirts, eBay, Fidesmo, FinGo, FIS, Fiserv, Fitbit, Garmin, Giesecke+Devrient, Google, i2c, Idemia, Inamo, Keyo, Mastercard, Neurable, Neuralink, Neurensics, NeuroSky, Openwater, OV Loop, OWiN, P97, PayEye,, PopID, Prada, Purewrist, SAE International, Samsung, SiriusXM, Sony, Star, Swatch Group, SwiP Pay, Tappy Technologies, Tesla, Thales Gemalto, Titan, Tovi Sorga, V2X Network Limited, VivoKey, Visa, Volvo, Voyage, Walletmor, Waymo, Wearonize, WeChat, Whole Foods, and Xevo.

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