Are you curious about the defining payment trends for 2024? This piece delves into the foremost ten payment trends of that year.
It unveils the growth in mobile payments, how digital wallets are becoming increasingly integrated, and additional significant advancements poised to influence businesses and customers.
The Rise of Mobile Payments
By 2024, the prevalence of smartphone use and preference for contactless transactions are anticipated to propel mobile payments into a dominant position within the market. Nearly four-fifths of the world’s population will possess smartphones, offering a broad audience ripe for adopting mobile payment systems.
Consumer behavior during the COVID-19 pandemic significantly expedited the shift towards digital payment methods, as people sought ways to reduce direct contact and Integrate mobile payments into everyday use.
According to estimates provided, from an initial valuation of USD 94,51 billion in 2024, the field of mobile payments could balloon exponentially to reach USD 408.96 billion by 2029, achieving an impressive CAGR of over one-third (34%).
Digital Wallets: A Must-Have
Digital wallets are rapidly becoming an essential component of the digital payments ecosystem. By the end of 2024, half of the global population will utilize digital wallets.
This growing popularity aligns with forecasts indicating that over fifty percent of all e-commerce transactions worldwide will be conducted via digital wallets in that same timeframe. Companies are incorporating these payment solutions to accept digital payments in places where people buy online or play blackjack real money, consequently increasing sales and customer satisfaction.
Experts predict a considerable market expansion for global cashless payment volumes facilitated primarily through digital wallets. Estimates suggest this could surpass $10 trillion by 2025.
Buy Now, Pay Later (BNPL) Expands
The rising popularity of the Buy Now, Pay Later (BNPL) model is a testament to its capacity to provide consumers with an efficient and accessible way to handle their purchases. By dividing the cost into smaller, often interest-free installments, this payment solution is more appealing than conventional credit routes.
Recently, there’s been a remarkable surge in the utilization of BNPL services. To illustrate:
- The period from 2019 through 2021 saw growth exceeding 970% in BNPL financing.
- Predictions suggest that by early 2024 half of all UK adults will have experienced using these digital payment methods.
- Projections indicate that US adopters could total around 82.1 million users come 2024.
Cryptocurrency and Blockchain Payments
Cryptocurrency and blockchain are transforming the payments industry by providing transactions that are not only secure, decentralized, and transparent.
The growing adoption rate of digital currencies such as Bitcoin and Ethereum is evident, with ownership amongst adults increasing from 30% in 2023 to an impressive 40% by 2024, showcasing a shift towards recognizing these forms of currency as credible payment methods.
At the heart of cryptocurrency payments lies enhanced security alongside increased transparency. Cryptocurrencies operate on a blockchain network that establishes a distributed ledger that enables peer-to-peer transfers without requiring any intermediaries.
This architecture reduces transaction costs and improves speed and efficiency, especially for international money movements.
