Payments industry predictions for 2022

In 2021, we saw that contactless payments are here to stay, BNPL (buy now, pay later) gained popularity, and consumers became more comfortable using multiple channels to make purchases and interact with brands.

Here’s what we think we’ll see more of in the payments industry in 2022.

Digital wallets will get more use than physical ones

Consumers are getting more comfortable purchasing goods and services from mobile phones, smartwatches, and other connected devices. Additionally, ecommerce and mobile commerce continue to grow as some consumers prefer shopping online over brick-and-mortar stores.

We predict that more businesses will begin to see the value in accepting digital payment methods and will look for payment solutions that will help them attract these digital-savvy customers. In turn, we think consumers will react positively, preferring to pay through digital wallets and swiping their physical debit and credit cards less.

Types of digital payments that businesses can offer include proprietary in-app payments, QR codes, NFC (tap to pay), and phone branded options such as Google PayTM, Apple Pay®, and Samsung Pay®. Incentives to accept digital payments include faster checkout times, an added convenience for customers, and secure transactions thanks to biometrics and tokenization.

Cryptocurrency payment adoption will increase

Consumers worldwide are finding more use cases for digital currencies outside of investing. In 2021, El Salvador moved forward with accepting Bitcoin as a legal form of tender, and the government showed its faith in Bitcoin by continuously increasing its holdings throughout the year.

In the United States, there are still tax implications for using Bitcoin when making purchases. Still, it hasn’t deterred credit card networks like Visa from launching crypto consulting services that help businesses roll out crypto features and Mastercard from offering crypto integrations to their banks and merchants on its network.

We predict a few things will happen around cryptocurrencies in 2022:

  • More companies within the payments ecosystem will announce they are getting involved in the cryptocurrency market
  • There will be an increased demand for crypto payment processing from merchants who want to stay ahead of the curve
  • Cryptocurrency holders in the US will pressure their government representatives to re-think how they should regulate cryptocurrencies.

B2B payments will continue their digital transformation

The pandemic shined a light on how paper-based payment systems were doing companies no favors. Not only was it inefficient, but it was difficult to make payments on time when employees couldn’t safely work from the office and mail delivery services experienced persistent delays.

Throughout 2021, hesitancy remained for some B2B companies who felt comfortable keeping their paper-based processes. However, companies committing to a digital transformation for their payment processes saw immediate benefits and never looked back.

In 2022, we predict that the business use case for digitizing B2B payments can no longer be ignored. Employees are already used to making and receiving payments digitally and quickly in their personal lives. Accounts payable professionals who are millennials and Gen Zers will expect B2B payments to follow the same trends.

Invisible payments will become the norm

A possible theme for the payments industry in the upcoming year is the move towards making commerce seamless and invisible. In-app purchases are an excellent example of invisible payments, and usage increased tremendously in the past two years. Consumers claim they will continue to use these types of payments post-pandemic because they are convenient and touchless, especially for those who order ahead for in-store or curbside pickup.

In 2021, connected cars made a splash in the headlines. Big companies like Chrysler and Mercedes-Benz integrated software that automatically lets drivers pay for gas, parking, and tolls. There is no need to present a physical card, let alone interact with a point of sale outside of the car to make a payment.

Voice commerce is also poised to gain traction in the next few years. With improved artificial intelligence that can understand human voice commands better and the ubiquity of smart speakers in consumer homes, we may see more grocery and household items sales through such devices.

In 2022, we predict that we’ll hear more about innovations in invisible payments, making it more commonplace for consumers in and out of the home.

Payments will help with personalization

With more businesses using technology to keep track of their customers, in addition to the rise of digital and contactless payments, we predict that payments data will become increasingly important for ISVs and their merchants.

At a macro level, big data around payments can provide valuable insights into different customer types, allowing businesses to better market to their customers. There is also hope that future artificial intelligence will understand consumer spending patterns and successfully identify fraudulent transactions.

In 2022, it will be interesting to see how companies leverage payments data and how it helps personalize and transform the customer experience.

2022: the future of payment processing is here

The pandemic accelerated many of the payment trends we are seeing today. Based on the news we’ve seen this year, we are hopeful that we will witness more innovation in 2022 that will make payments faster, connected, invisible, and more secure.

We will continue to monitor the payment processing industry in the coming year. Subscribe to our email newsletter and follow us on your social media platform of choice to stay informed.


Apple Pay® is a trademark of Apple, Inc. All trademarks contained herein are the sole and exclusive property of their respective owners.

Google PayTM is a trademark of Google, Inc.  All trademarks contained herein are the sole and exclusive property of their respective owners. Any such use of those marks without the express written permission of their owner is prohibited.

Samsung Pay® is a registered trademark of Samsung Electronics Co., Ltd.

Michelle Mondonedo

Brand Marketing Manager

Michelle Mondonedo is a Brand Marketing Manager at Global Payments Integrated, a Global Payments company. Before joining the payments industry, she worked in ecommerce, local search, and wealth management. A graduate of New York University with a Bachelor’s Degree in Sociology, she enjoys cooking in her spare time. 

Email: [email protected]

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