Each year, EU citizens alone make 122 billion digital payments, including card payments, bank-transfer apps, e-wallets and others. Businesses and consumers are slowly transitioning to a cashless world, where transactions are faster and easier. Mobile apps, contactless payment cards and bitcoin, are making cash redundant. Consumers’ needs are constantly changing, along with demands for accessibility and convenience, the ability to pay from anywhere at any time will become universal. Consumers’ fraud fears are being addressed with better detection methods and more secure payment options including digital wallets, mobile apps, and biometric identity confirmation. In this ever-evolving world, many changes and advances are still to come in the next few years.
We present the following 10 trends that have shaped the payments industry in 2018: