Hottest 2022 Payment Trends

Payment trends

2021 was an extraordinary year of economic recovery. We saw the economy regaining almost all-pandemic-related losses. However, the new Omicron variant has triggered panic again across the globe, dimming the world’s hope of ridding itself of the virus. The payment industry is arguably undergoing a profound transformation due to the rapidly changing political, economic, social, and technological landscape. Here is our analysis of the emerging trends shaping the payment landscape in 2022.

Real-time payments boom to continue

We live in a world of instant gratification – the world of the quick fix. Consumers no longer have the patience to accept or tolerate delay without getting frustrated. If they want to buy something, they go online, buy it and have it shipped overnight to them. Real-time payments have been a blessing to such consumers, especially during this time of crisis.

Retailers can be paid nearly instantly, rather than waiting for hours or days for payments to clear. According to a recent report from ACI, payment gateways processed roughly 70.3 billion real-time payment transactions globally in 2020, an increase of 41% compared to 2019.

Brazil’s real-time payment system, Pix, processed over 1 billion transactions in the first year since its launch. Also, the P27 Nordic cross-border Payments Platform is expected to go live by May this year. The central bank’s real-time payment system, FedNow, is slated to launch in 2023.

According to Penser, since the launch if Faster Payments in 2008, there have been over 9 billion payments sent across the UK amounting to a combined value of over £6 trillion.

Yahoo Finance predict that the global real-time payments market size is expected to reach USD 99.73 billion by 2028 and is projected to register a CAGR of 33.0% from 2021 to 2028. The growing internet penetration rate and the proliferation of smartphones are expected to drive the growth of the market over the forecast period.

Embedded payments and BNPL transform how we shop

Various alternative payment solutions gained traction in the wake of the Covid-19 pandemic. And merchants that invested in them have had the edge over the competition.

Alternative payments are “alternative” ways of paying for goods or services which are not made via cash or major card schemes (Visa, MasterCard, American Express). This includes prepaid cards, mobile payments, e-wallets, bank transfers, and ‘buy now, pay later’ instant financing.

ApplePay, GooglePay, SamsungPay, WePay, Bitcoin, cryptocurrency, are all alternative payment methods. Retailers are motivated to use these alternatives to avoid the extra fees of using existing payment methods. Amazon, for example, had previously announced that it would no longer accept visa cards in the U.K., citing ridiculous transaction fees charged by the payment processor. 

The shift from traditional payment systems to alternative solutions will continue in the post-pandemic environment to revolutionise the payment landscape. According to Omdia survey, standard payments are becoming less attractive for consumers. Less than 25% of respondents chose traditional payments in their top three IT projects. 33% picked alternative payments for 2022. These alternative payment solutions are expected to partly replace their traditional counterparts over the next 18 months.

Cryptocurrencies are also becoming increasingly mainstream by the day. The crypto’s current market capitalisation is now more than the world’s most valuable company Apple. Major companies involved in cryptocurrencies include Facebook, PayPal, and Twitter. Governments across the globe are also looking to launch central bank’s digital currencies to modernise their financial systems. All these new developments could accelerate cryptocurrency adoption.

Fingerprint biometrics is becoming mainstream

We are beginning to see a surge in non-physical methods of authentication thanks to biometric technology. From verifying our identity for various purposes like banking to unlocking our gadgets, biometrics is gradually replacing traditional methods of identity verifications, including pins and passwords.

Biometrics is currently used to secure ApplePay and other mobile wallets. Bank of America allows customers to log in to their mobile banking app with their fingerprints. The shift to biometrics in the payments sector is expected to continue, as removing frictions from the checkout process remains a top priority for merchants.

Greater security and fraud measures

With the pandemic e-commerce boom, a concern for retailers’ and consumers’ security has increased. Often, new payment technologies fall short of security measures and will need to catch up with traditional payment methods as soon as possible. Common security breaches include cybercrime and frequent spam. Payment processors will be looking for top security measures to ensure merchants and retailers are protected throughout the process.


Last year, Covid-19 had far-reaching effects on the payments sector, triggering migration to a cashless economy. Card payments remained the dominant virtual payment method, with more than half of global consumers having relied on a credit or debit card to complete their purchases. This year, consumers are expected to develop an even greater appetite for frictionless payment, presenting excellent opportunities for alternative payment options like Alternative payments and BNPL.

About MultiPay Global Solutions

Headquartered in London and Milan, MultiPay Global Solutions is a payments technology company that enables large merchants across the world to accept any payment, anywhere. Its all-in-one agnostic payment solution combines a unique API that acts as a single point of integration between any payment method and any acquirer. MultiPay’s gateway works across all payment channels in any sector including retail, hospitality, travel, and transportation. Combined with its personalised, couture experience, MultiPay is the single point of contact for all payment requirements and ensures it delivers payment technology and integration that is built around its customers’ bespoke requirements.

For more information about MultiPay Global Solutions, visit

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