Trends 2022

aye4fin has investigated the topic of payment trends for 2022 and noted 7 payment trends that will be significant for 2022.


Top 7 Payment Trends 2022

The year 2021 shaped the digitalization of payments like no year before. Digitalization focused on innovations regarding payments. Fintech and banks have formed partnerships, which over time have proven to be key enablers of payment transformation. 

Building a successful payment solution requires solutions to relevant industry trends. aye4fin has investigated the topic of payment trends for 2022 and noted 7 payment trends that will be significant for 2022. 

1. Growth in the APAC region

Compared to the Americas and EMEA, many countries in Asia have a high ratio of unbanked people, due to which payment methods from alternative providers (telecoms/transportation) and fintech startups have emerged over the past year. These market players are providing above-average growth. 

2. Contactless payment

With the development of NFC (near field communication) functionalities in cell phones and other close-to-body identification devices (watch/wristband/ring), as well as the further spread of QR codes (quick response codes), fast contactless payment in brick-and-mortar retail, and simple two-factor authorization on the Internet will continue to spread.

3. Buy Now Pay Later

“Buy now, pay later” (BNPL) means nothing other than “buy now and pay later” in German. This is practically a modern name for the classic purchase on account, as it was known from offline catalogs, among other things. 

4. Payment-Orchestration

If the technology enables intelligent selection of the most suitable payment option, this is known as payment-orchestration. Depending on the sales channel, the size of the shopping basket, the customer’s location, the costs, and the benefits of the available payment methods are analyzed and the best option from the customer’s and the retailer’s point of view is used. 

5. Embedded finance

Financial products and services offered by companies outside traditional banks, either directly or as part of their products or services via alternative sales channels and platforms, are referred to as embedded finance. 

Technological advances and rising consumer expectations are currently putting the banks’ “monopoly” to the test with new embedded finance models. For example, the credit for the newly purchased television is granted as part of the payment process at the online electronics retailer.

6. Real Time Payments

In cashless payment transactions, the real-time transfer (e.g., SEPA Instant Payment) is a payment method in which the payment transactions in online banking take a maximum of 10 seconds from the payer to the crediting of the payee. With the constant acceleration of international payment flows and digital competition from crypto transfers, a further expansion of functionalities in the FIAT area can be seen.

7. Digital Currency (CBDC)

Central Bank Digital Currency (CBDC), unlike a cryptocurrency, is digital central bank money that has the same characteristics as familiar fiat money. 

CBDC are regulated and do not behave like sometimes highly volatile Distributed Ledger Technology (DLT) based cryptocurrency. 

China will likely be the first country to make this type of digital money available to the masses, with a pilot planned for the 2022 Winter Olympics.