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The Digital Payment Trends of 2022.

Digital payment services will be just as crucial in 2022, as they have been in previous years, simply because technology will continue to advance and the demand for more digital payment methods will always be wanted. In this blog, we delve into some of the digital payment trends that will continue to take over in 2022, whilst discussing the future of these methods.

Why Digital Payments Are Essential Today -

Since the global pandemic hit, businesses have had to adapt to the way in which they accept payments. Whether it's an e-commerce, or traditional brick-and-mortar business, many people are using contactless payments and other digital methods to complete their purchases - some businesses are even declining cash payments altogether.

Although these digital payments used to be a necessity that would keep businesses open and running during the peak of the pandemic, customers and businesses have continued to use these methods after experiencing the benefits on both the economy and themselves.

As of 2020, the UK economy alone had shrunk by a record breaking 9.9%. However, by the end of the year, the economy had experienced a rise of 1.2%, which showed that there had been an increase in spending and there were high hopes for the economy to get back on track to recover. Several factors have contributed to the economy beginning to rise after the record-breaking fall - one of the main factors was that the UK had finally opened back up to the public, meaning that people were able to resume a relatively 'normal life', returning to restaurants, bars, and non-essential shops.

The demand for more digital payment methods was most certainly there before the pandemic, but as a result of the closures of shops and restaurants, consumers were forced to buy almost everything online - contactless methods had then increased dramatically, with 9.6 billion payments being made in 2020 alone. With over a quarter of the UK's payments being digital in 2020, the digital payments industry was expected to be worth 6.6 trillion by the end of 2021.

Digital payments are fast, easy and convenient to most people. As a society, we are always demanding convenience - digital payments provide us with just that. With that being said, here are some of the top trends for digital payments that are expected in 2022.

Digital Invoicing -

With a global drive for sustainability, many businesses have switched to paperless - so digital invoicing is a quick and easy way to submit, view, and pay invoices completely electronically. Businesses are also starting to use pay by links, embedding payment links directly into a digital invoice, texts, and of course emails. This makes it even easier for customers to pay with just a single click. Digital invoicing and pay links aren't only convenient for global use, but they also save plenty of time and money for businesses with efficiency of automation.

One of our favourite businesses that offer this option is Crezco. The London-based Payments Tech founded back in 2020 by Igor Pikovsky and Ralph Rogge provides instant, innovative payment solutions by pay by links and QR code technologies.

QR Code Payments -

Looking at future digital payment trends from a global perspective, QR code payments will continue to expand. In a study conducted by Scanova, it's been estimated that 29% of all global mobile phone users will be using QR code payments by 2025, equating to $2.7 trillion in transaction value. With QR codes offering a secure and convenient payment method for consumers and businesses, it's extremely clear to see the appeal.

There are definitely unique marketing possibilities for businesses - for example, paid partnerships with social media influencers, who are able to promote a product and then display a corresponding QR code for interested users to make an instant purchase, just one click away.


When it comes down to e-commerce payment trends, the BNPL (Buy Now, Pay Later) model is increasing in popularity drastically. Payment providers like Klarna and Clearpay allow their users to split their payments into instalments or delay the payment for 30 days. To put it simply, in comparison to the traditional credit card payment, BNPL applies to a specific purchase and pre-defined payback period.

There is definitely a clear benefit for consumers who use this form of digital payments. For businesses, BNPL helps to attract customers seeking alternative payments at a little cost. As a result, this digital payment also offers a smoother e-commerce checkout experience along with higher conversion rates. The trend is expected to grow so much over time, with an estimated 274% growth in global BNPL spend between 2021-2026.

Mobile Wallets -

Alongside of pay links and BNPL, FinTech payment trends also include the expansion of mobile wallet technology. With the likes of Apple Pay and Google Pay that have been around for a while, the impact of Covid-19 has made contactless technology more appealing than ever. With customers wishing to pay as quickly and easy as possible, the single contactless tap has resulted in the growth of mobile wallets and it's now a trend to watch. Consumers now have the opportunity to choose from a variety of apps, including ones that have been developed specifically for their favourite shops.

Biometric Authentication -

Biometric authentication is a trend that is quickly emerging through out 2022. Biometric authentication is a verification method that involves biological and structural characteristics of a person. These verification methods include things like fingerprint scanners, facial recognition, iris recognition and much more.

With the rise of identity theft and fraud, biometric authentication has the potential to become a reliable and secure option for all digital payments that take place across the next year.

Biometric authentication is a unique and important payment method, as it not only incorporates and provides accuracy, but it also brings efficiency, and security under one single package. This method is highly secured as it involves an individuals unique characteristics, which also brings in a customers loyalty and trust.

Cryptocurrency -

Another fast-growing 2021 trend that will become even more prominent this year is the integration of crypto that's making its way into mainstream financial services. We are constantly seeing regulators outline the mechanisms that they are going to use to oversee crypto-related activities. Visa have played a leading role in enabling this entry of crypto into financial services, simply by working with institutions to allow their clients to buy and hold crypto through digital custodians - enabling over 60 partners to issue cards to their customers, allowing them to buy various goods and services using crypto.

The Future of Digital Payments

When looking at the payment trends of 2022, it's important to consider that there are other factors that can determine their success or failure - cybersecurity. For many of these digital payments trends to flourish, it's extremely important for businesses to implement the latest security standards. This will help to prevent fraud, whilst keeping their customers details safe with tools like encryption and a move to artificial intelligence and machine learning. In other words, payment systems will continuously learn and adapt to recognise when a buyers behaviour changes, which will then acknowledge any red flags.

It's interesting to see brand new, and/or developing trends make progress throughout the years, and watching them to adapt and work alongside of unprecedented circumstances is extremely interesting. What are your thoughts on the future of digital payment trends?

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