Global Digital Payment Trend in 2022by Sahil Verma SIFIPAY
Over the last few years, the payment industry's exponential growth has paved the way for digital currencies such as cryptocurrencies, buy now pay later (BNPL), e-wallets, and others to become mainstream modes of payment in 2022.
The use of digital payment as an electronic means of exchanging currencies has contributed to the growth of the digital payment market. As a result, the global digital payment market has been on the lookout for a payment solution that can significantly improve the user experience by allowing for convenient cashless transactions.
The global digital payment market includes online payment gateways, payment security, fraud management, risk management, and payment processing. As more platforms begin to play a more active and direct role in payment processing, the payment industry evolves alongside payment models. Let's take a closer look at the digital payment trend in 2022.
How COVID Affected the Payment Industry
The growth of the digital payment industry accelerated during the pandemic, which unexpectedly led to the revolution and popularity of online payments. Even after the restrictions are lifted, many markets around the world will accept digital payments.
People used various payment methods during the pandemic, but these payment methods will continue in 2022.
Payment structures, both offline and online, have evolved. During the pandemic, brick-and-mortar businesses switched to a virtual presence because it was the only viable option.
As a result, the digital payment market is expected to grow in the coming months, prompting many physical stores to switch to contactless payments in the aftermath of the pandemic.
While there are uncertainties in the global digital payment market, it is clear that the economy's future is digital. This means that digital payment methods will be around for a lot longer than expected.
As the demand for online, digital, and contactless payments grows, several innovative post-pandemic trends are reshaping the digital payment world.
Contactless Payment Trends
Users in 2022 expect online, frictionless, and contactless payment methods. Since the pandemic encouraged payment industry innovation, many Fintech startups and digital payment companies have continued to provide faster payment methods.
Giving users new payment options has increased the number of non-cash payments. According to global payment trends, cashless transactions increased by 6% between 2019 and 2020.
The Future of Digital Money
Since digital payments have made their way into a variety of industries such as finance and banking, restaurants, retail, corporate sectors, healthcare, telecommunications, and many others, the digital payments market share is expected to grow at a CAGR of 10.9 percent between 2021 and 2027.
Today's world is increasingly gravitating toward efficient online payment solutions that provide seamless transactions. Here are some of the digital payment methods that will be available in 2022.
Mobile Wallet Payments
The covid pandemic forced users all over the world to switch to mobile payments. All thanks to contactless payments' security and end-to-end encryption.
With eCommerce becoming more popular in the aftermath of the pandemic, every customer is looking for more mobile-friendly online payment options through the best online payment gateway.
Mobile wallets are a great alternative payment method because they are dependable, efficient, fast, and secure. To pay for online purchases, simply download the software and link it to your credit card.
As a result, mobile wallets have become the primary method of payment in a number of regions.
It is worth noting that the world is on its way to becoming a cashless society by 2022.
E-wallets are another name for digital wallets. Customers can use these to make advanced online payments. E-wallets necessitate the registration of both merchants and customers.
To withdraw or deposit funds, a user must link their e-wallet account to their bank account after creating a digital wallet.
Users can make instant payments using this convenient payment method. All you have to do is link your e-wallet account to your personal information.
When you shop online, the e-wallet will automatically fill out a payment form with your information. Then, after entering your password, you can activate the electronic wallet and make instant payments with a few taps on your phone.
Green payments are becoming more popular as users become more aware of the importance of preserving the environment. Furthermore, various meetings draw attention to climate change, causing users to seek out more sustainable features.
According to research, approximately 62 percent of consumers will remain loyal to their bank if it provides long-term benefits.
Furthermore, some modern banking features, such as Visa Eco Benefits, assist users in better understanding the impact of their spending. Their transactions also include donations to environmentally friendly fundraisers.
Buy Now Pay Later (BNPL)
With the rise of eCommerce, there has been a surge in interest in installment-based payment solutions. BNPL, like credit cards, provides users with credit that they can use in both physical and online stores.
Created on Jul 1st 2022 06:37. Viewed 81 times.