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6 Payment Trends Affecting Businesses in 2022


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The pandemic changed how people interacted with the world, shopped, and even paid for purchases. As social distancing rules were imposed for public safety, the demand for contactless payment systems grew. The pandemic also accelerated emerging payment trends as merchants and payment channels evolved to meet consumer demands and the evolving threats of the COVID-19 virus. Here are six payment trends to watch in 2022:


Deferred Payments

As the pandemic hit and people struggled financially, the purchasing power of consumers took a hit. Many customers looked for deferred payment options that allowed them to buy now and pay later via a series of payments spread out over a period of time. Merchants responded to this demand by adopting deferred payment models that allow their customers to have their product or service today and pay for it over time, often interest-free. Once an option only for more significant purchases, this past year led many merchants to offer this option for smaller purchases as well. We will see the demand for deferred payments grow as consumers become accustomed to having the option.


Digital Payments

Digital means of payment are quickly replacing cash and check payments and include:

  • Tap-to-pay

  • Digital wallets

  • e-Commerce solutions

With many customers preferring reduced physical contact during transactions, the demand for digital payments has grown. A study by Boku, Inc., found that, at the end of 2020, there were over 2.8 billion mobile wallets in use. The mobile wallet trend is expected to keep growing. By the end of 2025, it is predicted that 4.8 billion people will use mobile wallets.


eCommerce and Embedded Payment

The pandemic saw many consumers turn to online shopping for most of their shopping activities. With many cities and states enforcing lockdowns and limits on what businesses could remain open, consumers moved their shopping and payments online. Retailers responded by creating online storefronts and increasing their e-commerce offerings with embedded payment options. This streamlined the shopping experience as well as the purchase and payment processes. As we head further into 2022, demand for e-commerce and embedded payment options will remain high.


Peer-to-Peer (P2P) Payments

The peer-to-peer payment model allows users to transfer funds directly from their bank account or credit card to another registered individual using an app. Originally more popular with younger consumers, who often used it to settle or split dinner bills with friends and families, the pandemic led to many consumers moving to P2P as a contactless way to replace cash and checks. With many apps offering additional financial services via P2P apps, such as the ability to make and track investments or do online trading, P2P apps will continue to gain and retain new users.


Real-time Payments and ACH Transactions

The financial stress that the pandemic brought on for many led to increased consumer demand to access their funds as quickly and seamlessly as possible. In a group already accustomed to using P2P apps for instant payment, these consumers looked to banks to provide more real-time payment transactions. Unlike other payment systems that require set processing times, real-time payments and ACH transactions allow for the instant transfer of money from bank to bank, rather than via card networks like Visa and MasterCard.


Unlike other payment systems that require set processing times, real-time payments and ACH transactions allow for the instant transfer of money from bank to bank, rather than via card networks like Visa and MasterCard.


Cross-border Payments

The globalized economy has shown a need for fast, secure options for transactions across borders. While the pandemic brought a decline in cross-border payment activities, that trend is reversing as we come out of the pandemic. We expect that cross-border transactions will continue to grow throughout 2022. Businesses will continue to search for payment options that help streamline their cross-border transactions.


As the economy continues to grow and shift, innovative services in payment solutions will continue to evolve. PayTech Trust works with you to create innovative solutions to meet your unique payment processing needs. Contact us for more information on how we can help you.


At PayTech Trust, we offer secure merchant accounts and web-based solutions for businesses of all sizes. With our collaborative suite of services and world-class cybersecurity protocols, PayTech Trust has the experience and the expertise to help your business move safely into the world of online credit card processing.


PayTech Trust offers secure merchant accounts and online credit card processing for businesses of all sizes. With our collaborative suite of services and best practices to integrate new payment trends, PayTech Trust has the experience and the expertise no business can afford to do without. Reach out to us now for more information.




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