It’s the end of 2024 and the payments industry isn’t just evolving — it’s undergoing a seismic shift that’s changing how the world does business. From crazy numbers to transformative technologies, the stats behind today’s payment trends are more than just impressive; they’re a roadmap to the future.
Whether it’s the meteoric rise of mobile wallets or the staggering costs of abandoned carts, these insights reveal opportunities that can redefine your strategy.
Global Digital Payment Volume Passes $10 Trillion in a Year!
The global volume of digital payments will reach over $10 trillion by the end of 2024, a sharp increase from $8.3 trillion in 2023. This explosive growth is fueled by the rapid adoption of e-commerce, contactless payments, and fintech innovations.
What It Means for You: If your business isn’t already equipped to handle digital payments, you’re missing out on a massive opportunity. Implementing a seamless payment experience, such as mobile wallet support or QR code payments, can significantly enhance customer satisfaction and sales.
Mobile Wallets Account for a Massive 30% of Global Transactions
Mobile wallets like Apple Pay, Google Pay, and Samsung Pay have become household names. In 2024, they’re expected to account for nearly a third of all global transactions. This trend is especially prominent in Asia-Pacific, where mobile wallets dominate over 50% of the payments market.
What It Means for You: Adapting to mobile wallet payments isn’t optional anymore. Ensure that your point-of-sale (POS) systems and e-commerce platforms are optimized for mobile transactions. This not only meets customer expectations but also reduces friction in the checkout process.
Cryptocurrency Payments Grow by 70% Year Over Year. A Lot of Movement in Crypto.
Cryptocurrency is no longer just for tech enthusiasts. Over 420 million people globally own cryptocurrencies, and businesses accepting crypto payments grew by 70% in the past year. This growth is driven by increased consumer demand, lower transaction fees, and enhanced cross-border capabilities.
What It Means for You: If you cater to tech-savvy or international customers, consider accepting cryptocurrency. Some payment processors make it easy for businesses to integrate crypto payments, helping you stand out and attract a new customer base.
Abandoned Carts Cost E-Commerce $4 Trillion Annually in Lost Revenue
Cart abandonment remains a massive issue, with 70% of online shopping carts left unpurchased. The primary culprits? Complicated checkout processes, unexpected fees, and lack of payment options.
What It Means for You: Streamline your checkout process. Offer multiple payment options, provide clear pricing upfront, and ensure your site is mobile-friendly. Leveraging tools like one-click checkout or buy-now-pay-later (BNPL) services can also reduce abandonment rates.
90% of Consumers Expect a Seamless Omnichannel Payment Experience
Today’s customers demand consistency across all touchpoints. Whether they’re shopping in-store, online, or via an app, they expect the same ease and flexibility in payment options. An omnichannel payment experience ensures that customers can seamlessly make payments across all sales channels—whether in-store, online, or via mobile apps—while enjoying consistent and convenient payment options.
What It Means for You: Invest in an integrated payment system that works across all channels. Partnering with a payment processor that supports omnichannel capabilities will not only improve customer experience but also provide valuable insights into purchasing behavior.
Contactless Payments Are 2x Faster Than Traditional Card Payments
Time is money, and contactless payments are proving to be the fastest payment method available. On average, a contactless transaction takes just 15 seconds, compared to 30 seconds for traditional card payments.
What It Means for You: Enable contactless payments at your checkout counters. This small change can speed up transaction times, reduce queues, and enhance customer satisfaction, especially in high-traffic retail environments.
55% of Consumers Prefer Merchants Who Offer BNPL (Buy Now Pay Later)
Buy-now-pay-later services like Klarna, Afterpay, and Affirm are changing the way people shop. Over half of consumers now say they prefer retailers that offer BNPL options, particularly for purchases over $200.
What It Means for You: If you sell high-ticket items, integrating a BNPL option can increase conversion rates and average order values. BNPL is especially popular among younger consumers, making it a must-have for businesses targeting Millennials and Gen Z.
Fraudulent Transactions Reach $41 Billion Globally
Payment fraud is a growing concern, with global losses expected to hit $41 billion in 2024. Common types include card-not-present fraud, phishing attacks, and identity theft.
What It Means for You: Work with a payment processor that prioritizes security. Look for features like tokenization, PCI compliance, and AI-powered fraud detection to protect your business and customers.
Subscription (Recurring) Payments Are Growing at 20% Annually
The subscription economy shows no signs of slowing down, with recurring billing models growing at an annual rate of 20%. Consumers love the convenience of subscriptions for everything from streaming services to meal kits.
What It Means for You: If applicable, consider adding a subscription-based product or service to your offerings. Ensure your payment processor supports recurring billing to provide a hassle-free experience for subscribers.
72% of Businesses Are Prioritizing Payment Innovation
Businesses worldwide recognize the importance of staying competitive in the payments landscape. Nearly three-quarters are investing in payment innovations like AI, blockchain, and real-time payments.
What It Means for You: Don’t get left behind. Stay informed about the latest trends and technologies in payments. Partnering with an innovative payment processor can give you a competitive edge and future-proof your business.
