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December 26, 2021Blog Posts

NFTs, rewards, buy now/pay later: Front lines of payments in 2022

American Banker

The wave of innovation that accompanied the pandemic is far from over. Already, the move to remote work and digital commerce has reshaped how people handle retail shopping, cryptocurrency, B2B payments and cross-border transactions.

The seismic shift began last year, when COVID-19 caused in-person card payments to decline by 11.7 billion transactions, or 13%, from 2019. Simultaneously, online and in-app payments rose by 8.7 billion transactions, or 24%, according to data the Federal Reserve released in December.

Pressure to improve the speed, accuracy and security of payments increased, pushing crypto closer to the mainstream. Now central banks around the world — including China — are flirting with the launch of their own digital currencies.

Fintechs are enabling many of these new payment innovations, and in some cases they’re directly challenging traditional financial services providers. In others, fintechs are partners instead.

Source

New research from The Strawhecker Group analyzes key trends and consumer attitudes.

Download a free infographic covering several findings from the full report.

Consumers have increasingly adopted Buy Now, Pay Later (BNPL) services for multiple reasons; a desire for financial flexibility, a way to avoid incurring credit card debt, or to purchase items outside of their budgets. However, despite its popularity, consumer debt and missed payments have led to calls for additional research and regulation. Read the press release.

To take a closer look, The Strawhecker Group (TSG) conducted a survey of over 1,500 U.S. consumers in early 2021 with the goal of understanding domestic attitudes and perspectives on the use of BNPL services. The complete findings, a selection of BNPL provider profiles, and market landscape details can be found in the firm’s new report Buy Now, Pay Later: An Analysis of Key Trends and Consumer Attitudes.

Highlights of this extensive 81-page report include:

  • Buy Now, Pay Later Background
  • Key Players in the Buy Now, Pay Later Space
  • Buy Now, Pay Later Consumer Survey
  • Concluding Thoughts: The Future of Buy Now, Pay Later
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