Several factors can change the way consumers pay for goods and services. For example, the continuing digital transformation and evolution of technology have made contactless payments pervasive while making cash payments a rarity. As well, the ups and downs of the economy have an impact on how people choose to manage their payments. And of course, innovations that save time and add convenience always seem to be welcome.
As we entered 2023, accustomed to pandemic protocols and bracing for an uncertain economic year, we at Phase 5 wanted to gain insight into how the world of payments might continue to change over the next 2 years. Compiled below are some of our findings based on the studies and research we’ve recently completed on this topic.
January 2023 Payments Study Results
In partnership with NYPAY (New York’s leading forum for payments innovators and leaders), Phase 5 conducted a short online survey in January 2023 with 91 financial, payment and consulting professionals and experts in the US to get their views on the payment trends they feel will be most disruptive to the banking industry over the next two years.
Here are the results:
Deeper Dive into BNPL (based on recent Phase 5 studies)
Deeper Dive into Crypto Currency (based on external research):