Infographic – 7 Trends for the Future of Payment Processing

a year ago   •   2 min read

By Stefan Borys

July 28, 2020

Make sure your business is prepared for the future of payments. This infographic shows 7 payment processing trends you can't afford to ignore, from hardware to software, security, and more.


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  • 18% of consumers across North America and Europe started shopping online for the first time due to the virus. As a result, global online sales skyrocketed 71% year-over-year in the second quarter of 2020
  • Online retail sales surged to $794.50 billion, a record-breaking 14.4% of total US retail in 2020, thanks to increased spending on smartphones in particular.
  • The top mobile wallets used at small and medium businesses are Apple Pay (16.6%), Google Wallet (16.0%), Android Pay (11.3%), and Samsung Pay (8.2%).
  • The top 3 payment methods of online shoppers are credit cards (42%), electronic payment (39%), and debit cards (28%).
  • There will be 27.7 million POS devices in circulation in the U.S. by 2021, an increase from 3.2 million in 2014.
  • Contactless payments have become a driving differentiator: If all other factors were equal (price, selection and location), nearly two-thirds (63%) of consumers would switch to a new business that installed contactless payment options
  • Biometric authentication such as fingerprint ID and facial recognition will be used in more than 18 billion transactions in 2021.
  • Enhanced customer experience is the future of payments, as more than 60% of Millennial and Gen Z consumers are willing to share their bank account credentials with third parties.

Sources:

  1. https://www.salesforce.com/news/stories/salesforce-q2-shopping-index-digital-sales-up-71-percent
  2. https://www.businessinsider.com/payments-ecosystem-report
  3. https://www.statista.com/statistics/686058/mobile-payment-used-us-smbs
  4. https://www.statista.com/statistics/508988/preferred-payment-methods-of-online-shoppers-worldwide/
  5. https://usa.visa.com/dam/VCOM/global/run-your-business/documents/visa-back-to-business-study.pdf
  6. https://www.merchact.com/infographic-2017-payments-trends/
  7. https://usa.visa.com/visa-everywhere/security/new-report-on-biometric-authentication.html
  8. https://thefinancialbrand.com/68528/top-payment-trends-banking-p2p-digital/

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