Nowadays, nearly every social network offers its users an opportunity to make in-app purchases. This type of shopping is gaining popularity fast - 98% of consumers are planning to place at least one order using social media in 2022, a giant leap compared to 68% from the year before.
We live in an age when technology evolves at an unprecedented pace, accompanied by impactful global events and dramatically shifting consumer preferences. Such dynamics make merchants, financial institutions, PSPs, and industry experts ponder what the payments landscape will look like in the years to come.
The modern pace of life dictates the need for instant cross-border money transfers. Real-time payments (RTP) play a pivotal role in catering to this demand, as they are settled in a matter of seconds from the moment of initiation.
The popularity of m-commerce sales is growing at a phenomenal speed. In the US alone, retail mobile sales hit $359.32 billion in 2021, demonstrating a 15.2% increase from the year before, and are expected to more than double by 2025, reaching $728.28 billion.
Nowadays, it’s difficult to imagine a successful and rapidly growing business that doesn’t accept payments online. What’s more, simply enabling customers to make purchases via the Internet is not enough to ensure a smooth shopping experience. Modern consumers expect fast checkout, a variety of payment methods, frictionless transactions, and much more.
Voice technology is transforming our lives in many ways, assisting us in spheres like cybersecurity, customer service, healthcare, and beyond. The finance sector has also adopted voice-based solutions, enabling consumers to make money transfers, conduct purchases, and pay their bills.
Mark Zuckerberg called the metaverse “the next chapter of the internet,” while Satya Nadella said, “it's not only transforming how we see the world but how we participate in it.” Indeed, the metaverse is already far more than some distant concept, but rather a whole new world in the making.
The pandemic has marked the beginning of BNPL’s heyday - the value of global purchases using this payment method hit $120 billion in 2021, four times the amount spent in 2019. Even in post-COVID times, Buy Now, Pay Later continues its growth in popularity across the world, with its market value estimated to reach $576 billion by 2026.
The convenience of contactless payments is winning the hearts of more and more consumers worldwide. The global market value of such transactions is projected to nearly quadruple by 2026, reaching $51.07 billion, which makes it clear: this trend is here to stay.