Key Payments Trends for 2024

Abstract

This report explores the key trends that are poised to disrupt the payments ecosystem in 2024. The discussion centers around mobile payments and the rise of super apps; social commerce; the growth of alternative payment rails such as instant payments and buy now, pay later solutions; and the adoption of technology such as generative AI, open banking, and blockchain.

The payments industry continues its digital transformation journey and is poised for further innovation in 2024. Consumers are increasingly expecting fast and seamless online payments as more payments are completed digitally. Payment service providers and merchants are turning to multiple payment solutions to remain competitive. Western nations are also taking notice of other successful online payment avenues exploited by Southeast Asian countries. Generative AI has become a hot topic, with fraud prevention potentially becoming one of its most valuable use cases in the payments industry, but it may also revolutionize customer authentication. Other technologies gaining more momentum include open banking and blockchain. Data privacy remains a notable concern, as new technology continues to rely on vast amounts of data.

Scope

• Demand for buy now, pay later will be high as banks are creating a more difficult environment for consumers to take on credit as they tighten lending conditions.
• Account-to-account transfers are becoming faster as more instant payment systems are rolled out, including instant cross-border payments. These could reduce the use of international card networks going forward.
• The growing reliance on non-cash transactions has brought both fraud and the potential for generative AI to tackle it into the spotlight.

Reasons to Buy

• Identify the factors driving growth of the wider payments landscape, including super apps, mobile payments, and blockchain.
• Understand the impact of innovation such as generative AI.
• Establish a greater understanding of these factors through our proprietary data and extensive research.