Influencer Marketing in the Payments Industry

How Creators Can Help Payment Brands Build Awareness

Report by Grace Broadbent  | UPDATED: Jul 15, 2024
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Executive Summary
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Table of Contents
Executive Summary
Payment brands need to take influencer marketing seriously
Payments influencer marketing is more effective at raising awareness than boosting conversion
What does it mean for payment marketers?
Methodology
Sources
Media Gallery
About This Report
Influencer marketing is becoming a need-to-have for payment brands’ marketing teams. While not without risks, it’s key to building awareness and creating relationships with young consumers.
Topics
Financial Services
Payments
Influencer Marketing
United States
Table of Contents
Executive Summary
Payment brands need to take influencer marketing seriously
Payments influencer marketing is more effective at raising awareness than boosting conversion
What does it mean for payment marketers?
Methodology
Sources
Media Gallery

Influencer marketing has arrived in the payments world with the rise of “finfluencers.” Our survey of 1,207 US social media users revealed that while content creators can effectively build awareness of payment products and services among consumers, converting them into customers isn’t as easy.

Key Question: How should payment providers use influencers for their marketing strategies?

Financial Products US Social Media Users Have Seen Someone Reviewing/Recommending on Social Media Platforms, March 2024 (% of respondents)
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Key Stat: Around 80% of US social media users have seen someone reviewing or recommending financial products on social media, per our March 2024 survey. That widespread reach highlights how payment providers can use influencers to raise awareness of their brand.

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Table of Contents

  1. Executive Summary
  2. Payment brands need to take influencer marketing seriously
  3. Payments influencer marketing is more effective at raising awareness than boosting conversion
  1. What does it mean for payment marketers?
  2. Methodology
  3. Sources
  1. Media Gallery

Charts in This Report

Financial Products US Social Media Users Have Seen Someone Reviewing/Recommending on Social Media Platforms, March 2024 (% of respondents)Product Categories US Social Media Users Have Purchased Because of Content From a Creator/Influencer, March 2024 (% of respondents)
Platforms Used by US Marketers for Influencer Marketing, 2024 (% of marketers who use influencer marketing)

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First Published on Jun 3, 2024

authors

Grace Broadbent

Contributors

Jasmine Enberg
Na Li
Director, Primary Research
David Morris
Jennifer Pearson
Amy Rotondo
Minda Smiley
Senior Analyst, Social Media