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Payments trends 2022

Digital payments adoption nears a tipping point

In the year ahead, we’re predicting that the acceleration toward digital payments may reach a tipping point driven by innovation and increasing customer acceptance. As businesses reconsider their operating models, consumer preferences, digital identity, next-gen technology, and continuing innovation move to center stage. Take a closer look at four trends to watch as digital payments move from feature to foundation.

Payments trends 2022: Building a digital foundation

Within both the consumer and corporate sectors, a significant shift continues across the payments industry. The growth of real-time payments, the increased access to and use of customer data, the expansion of consumer choice within digital and traditional payment methods, and the enhanced competition and collaboration between tech giants and traditional banks are key discussion topics. These emerging and continuing shifts are forcing businesses to reconsider their operating models to drive innovation and customer acceptance. 2022 is shaping up to be an important year in further driving these shifts in the payments industry, encouraging us to ask: Have we reached the tipping point for digital payments adoption and acceptance?

We see four emerging and/or maturing trends presenting challenges and creating opportunities in the US payments ecosystem, contributing to 2022 becoming the tipping point for the dominance of digital payments.

These four trends are key drivers toward a “digital-first” reality that will be foundational to the future of payments. The current digital evolution brings a new reality—“digital as a foundation.” Digital technology is no longer just a component of the payments landscape as a channel or a feature—it’s an expectation.

As the four trends highlight, digital technology has become fundamental to payments models. Details on each of the four trends exemplify the breadth and impact of this shift to alternative payments technology, with real-time payments, blockchain, and digital currencies at the forefront of digital-first customer expectations.

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Four payments trends shaping 2022

Considerations and potential next steps

What implications could these four trends, individually and collectively, have for payments ecosystem players in 2022 and subsequent years? What new stakeholder strategies and actions might be taken in response to emerging opportunities and challenges?

As leaders consider their options, we see the following points as important for organizations to survive and thrive as we potentially reach the tipping point in how payments are made where our new reality is digital as a foundation:

  • As technology continues to drive digital payments usage, companies will need to be more proactive and predictive in the payments services they offer to meet evolving customer demands. Owning payments will serve as a proxy for an organization to own the customer experience.
  • The push for digital identity solutions will require organizations to 1) address their underlying data collection methods to understand how the data they are collecting can be used to better provide digital identity functionality for their customers; and 2) address customer concerns with what data is being collected, how the data is being used, and how the data is being protected.
  • Organizations need to better assess their operating model and how they will support a new digital infrastructure, including identification of capabilities they will provide versus partnering, and associated investments in talent and technology.
  • Increased cooperation between regulators and payments business pioneers will speed up the continued digitization of payments and likely drive increased innovation. Enterprise clients are already engaging in the digitization process; however, proper systems around both data privacy and control will need to be in place for a proper market shift to occur.

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Explore additional financial services perspectives in the InFocus series

Staying on top of new financial services industry trends, emerging technologies, and changing regulations isn’t easy—it’s not enough to rely on the headlines to understand the complete picture. Our InFocus series takes a deeper dive into the issues that affect financial services organizations and gives you the insights needed to make more informed decisions.

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InFocus: Financial services trends

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Zachary Aron
Deloitte Consulting LLP

Lauren Holohan
Senior Manager
Deloitte Consulting LLP

Jacob Novich
Deloitte Consulting LLP

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