Boston, May 6, 2020 – Today’s traditional economy is interspersed with new-economy businesses—high-tech companies providing internet-based services, often with platforms that affect the way people work, sell, and exchange a variety of goods and services. These companies often make a large volume of disbursements to consumers or other businesses using these platforms, and today, these companies are leveraging newer payment technologies to pay recipients in the quickest and most efficient way possible. Is new-economy payers’ focus on continuously improving the end-to-end customer experience another wake-up call for banks?  

This Impact Report explores the payment strategies of new-economy companies in the U.S., including their preferences for working with various payment networks and nonbank payment providers in the market. It is based on Aite Group interviews with executives from 18 new-economy businesses and payment service providers to new-economy businesses, which were conducted over the four-month period from July 2019 to October 2019.

This 25-page Impact Report contains 12 figures and two tables. Clients of Aite Group’s Wholesale Banking & Payments or Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Allstate, Amazon, Apple, Lyft, Mastercard, PayPal, Samsung, The Clearing House, Uber, Venmo, Visa, and Zelle.