9 Trends That Will Shape The Payment Industry in 2022
                     
9 Trends That Will Shape The 
Payment Industry in 2022
This year was a pivotal year for the landscape of digital payments. Payment 
systems have evolved a lot over the years to respond to customer demand and 
meet the evolving threats from the virus COVID-19.
Customers of all ages quickly adjusted to digital payment options that were not 
relying on cash due to social distancing guidelines being implemented to ensure 
security reasons.
Most of the consumers said they are using digital banking services more now 
than ever due to the current outbreak. The demand and expectation for instant 
payments were also evident as financially stressed people needed access to their 
accounts more urgently.
Here are nine of the most popular trends in payments that we will see 
in 2021 and are poised to develop into the norm in the coming years:
1. Wearable payments devices : 
More and more customers are using wearable payment devices like 
smartwatches, wristbands, and smart rings to buy products or services. The tap-
and-go payment method offers sellers and retailers with more safe and secure 
payment options. According to a study, the market for wearable payment is 
predicted to grow to $1.37 Trillion by 2027 at 21.7 percent CAGR.
2. An increase in online transactions:
Due to the restriction on movement during the lockdown, shoppers heavily relied 
on online shopping for food items, health products, and other necessities. Even 
as the lockdown is less severe, customers prefer shopping on the internet due to 
the advantages of having multiple options, including online commerce and 
electronic payments.
3. QR code payment: 
Payments via QR code will continue to demonstrate their adaptability, 
particularly for emerging economies, mainly because they are simple to make 
use of and cost-effective to implement. This kind of payment is likely to be more 
convenient to use since it requires only an application that permits it to be 
utilized in one place.
4. The shift towards cryptocurrency:
 Cryptocurrency is stated to be the new gold standard for the millennial investor. 
An increase in the seriousness of cryptocurrency’s alternative payment and 
investment class was observed in the past year. In 2022, we are expected to see 
an increase in investment banks that are adopting the crypto-based ecosystem.
5. Purchase-Now-Pay-Later or deferred payments:
Digitally deferred payment has been getting more popular with consumers since 
2019. Due to the tight financial conditions in 2020, consumers had to turn to the 
buy-now-pay-later (BNPL) payment method. These services have gained 
momentum since prior to the outbreak, but the rise in the use of e-commerce in 
the last year has accelerated customer acceptance toward installment payment.
6. Digital Payments:
The consumer has embraced electronic payment options like tap-to-pay and e-
commerce as well as digital wallets to avoid contact when they make a payment. 
Digital wallets and mobile payments were among the most used payment 
methods since they surpassed cash transactions in 2020, as per a report by FIS. 
There are numerous benefits for issuers of credit cards to offer digital wallets and 
cards. More security means higher utilization, which increases the chance the 
cardholder will have the balance of a credit card.
7. Cross-border payments:
In an increasingly globalized world, the need for speedier, efficient, less 
expensive, and cheaper cross-border transactions is gradually becoming an 
essential requirement. Payments across borders were steadily growing due to the 
increasing globalization of commerce and shopping from abroad prior to the 
outbreak. There is a lot of innovation occurring in the cross-border payment 
environment because traditional payment channels for correspondents are 
cumbersome and take days to complete transactions that can be expensive.
8. PaaS:
Payments-as-a-Service (PaaS) is another payment trend that has miles to go in 
the coming years. It still is the choice for cost-effectiveness and go-to-market 
speed in payment technologies. PaaS will cost-effectively and efficiently assist 
with upgrading legacy payment infrastructure and improving customers’ 
satisfaction (CX). This trend is growing and is especially popular in the small and 
mid-sized segments of banks and financial institutions with limited capital flow.
9. Development of P2P payment methods:
P2P payments initially gained traction following the 2008 financial meltdown, but 
the 2020 pandemic has really propelled it much further into development. The 
idea of a quick, rapid, and easy method of transferring funds and dividing pizza 
bills between friends has evolved into a multi-facet system that functions as the 
equivalent of a bank.
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