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Top 10 Online Payment Trends in 2024

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Sample reports can only be downloaded by members.


Pages: 37

Publication Date: 14/12/2023

Questions Covered in the Report:

  • What are the top 10 payment trends set to experience a surge in 2024?
  • How is the growth of A2A payments set to impact the global payments industry in 2024?
  • How is Generative AI (GenAI) expected to change data analysis and skill distribution in the corporate sector by 2026?
  • How will CBDCs impact cross-border payments, B2B transactions, and financial inclusion by 2024?
  • How is the adoption of biometric solutions expected to shift in 2024?
  • How do tech vendors address Environmental, Social, and Governance (ESG) concerns?

Key Findings:

Top 10 payment trends to transform the future of payments in 2024: New report

A2A payments to drive growth in 2024, especially in European B2C E-Commerce

The report emphasizes the expected surge in Account-to-Account (A2A) payments in 2024, particularly in European B2C E-Commerce. As digital wallets gain popularity in regions like India, Brazil, and China, a noticeable shift from traditional card transactions to A2A payments is underway. Notably, the adoption of Open Banking services in the UK and the PSD2 regulatory framework in Europe contribute to the favorable environment for A2A payments, as merchants increasingly favor them for their lower costs and faster settlement times. Moreover, the FinTechs sector in 2024 is forecasted to be heavily influenced by the increasing adoption of mobile payments globally. Mobile commerce is projected to account for over 8% of total retail sales in the U.S. by 2026, with digital wallets expected to become the top choice for online payments, representing over a third of all global payments.

Biometric Solutions as well as AI and ML pose as useful tools in the payment industry globally

A significant shift is anticipated in 2024 with the increased adoption of biometric solutions for in-store payments. Innovations such as Amazon One’s palm vein scanning and JP Morgan’s pilot for palm or facial recognition payments are expected to drive widespread biometric payment use, offering heightened security and an improved user experience. Additionally, Artificial Intelligence (AI) and Machine Learning (ML) in the fintech sector are influencing payment processing, investment management, and risk assessment. With AI excelling in fraud detection and customer service, and ML facilitating complex data analysis, the fintech landscape is evolving rapidly. The report cites predictions that Generative AI (GenAI) will be widely adopted by 2026, transforming data analysis and fostering skill distribution within the corporate sector.

Fintechs respond to environmental and social challenges by launching environmental initiatives

In response to growing environmental and social concerns, technology vendors are launching initiatives to address Environmental, Social, and Governance (ESG) issues. The report notes the integration of ESG initiatives into comprehensive strategies at leading financial institutions, positioning them as ‘green’ or ‘sustainable’ choices. The expansion of Open Banking is expected to facilitate deeper data analysis for sustainability purposes.

1. Key Takeaways

  • Key Takeaways of Online Payment Trends 2024

2. Global Online Payment Trends in 2024

2.1. Account-to-account payments (A2A)

  • A2A Payment Trend in 2024 (1 of 3)
  • A2A Payment Trend in 2024 (2 of 3)
  • A2A Payment Trend in 2024 (3 of 3)
  • UPI Transaction Volume, by Use Case, in millions, August 2020-August 2023

2.2. AI and machine learning

  • AI and Machine Learning Payment Trend in 2024 (1 of 2)
  • AI and Machine Learning Payment Trend in 2024 (2 of 2)
  • Use Cases of Al and Machine Learning in Payments, in % of Payment Professionals, 2023e
  • Top Risks Associated With Al and Machine Learning, in % of Payment Professionals, 2023e

2.3. Industry cloud platforms, machine customers, and platform engineering

  • Industry Cloud Platforms, Machine Customers, and Platform Engineering Payment Trend in 2024
  • Share of Enterprises That Will Use Industry Cloud Platforms to Accelerate Their Business Initiatives, in %, 2023e & 2027f

2.4. Digital currency use of central banks

  • Digital Currency Use of Central Banks Payment Trend in 2024
  • Central Bank Digital Currency Transaction Value, in USD billion, 2023e & 2030f
  • Share of Central Bank Digital Currency Transaction Value That Is Paid Domestically, in %, 2030f

2.5. Regtech Payment

  • Regtech Payment Trend in 2024
  • Regtech Market Size, 2023e & 2028f

2.6. Sustainable Technology in Payment

  • Sustainable Technology in Payment Trend in 2024
  • Share of CIOs Who Expect to See Their Personal Compensation Linked to Their Sustainable Technology Impact, in %, 2027f

2.7. Mobile and Contactless Payment

  • Value of Digital Wallet Transactions, in USD trillion, 2023e & 2028f
  • Value of Contactless Card Transactions, in USD trillion, 2022e & 2027f

2.8. Digital Identity Payment

  • Digital Identity Payment Trend in 2024
  • Share of Identity, Ticketing, Passport & License Storage, And Retail Loyalty Making Up Non-Payment Use Cases of Digital Wallets, in %, 2024f

2.9. Biometric Payment

  • Biometric Payment Trend in 2024
  • Transaction Value of Payment Methods That Use Physical Characteristics to Authenticate Transactions, in USD billion, 2023e* & 2030f

2.10. BNPL Payment

  • BNPL Payment Trend in 2024 (1 of 2)
  • BNPL Payment Trend in 2024 (2 of 2)
  • BNPL B2C E-Commerce Sales, in USD billion, 2022e & 2027f
  • Affirm
  • Afterpay
  • Amazon
  • Apple
  • Google
  • JP Morgan
  • Klarna
  • Laybuy
  • PayPal
  • Paytm
  • PromptPay
  • Visa
  • Zip

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