Transactions are growing increasingly more consumer-centric, frictionless and convenient.
There have been sweeping changes in the payments space over the past ten years, and, heading into a new decade, there is no doubt that substantial changes will continue. Payment trends for 2020 appear to be moving the industry in a much more consumer-centric direction, focusing on ways to make payments as easy and convenient as possible. These six trends illustrate this commitment to frictionless payment processes:
- Declining percentage of cash payments
According to the Federal Reserve, cash has lost its top position as the most frequently used payment type in the U.S. Debit cards now account for 28 percent of payments vs. 26 percent of payments made with cash. Furthermore, analysts predict cash use will continue to decline in the next five years as a result of factors including new payment options and continued growth of digital commerce.