Progressive Payment Solutions

Payment Trends to Watch in 2022

Payment Trends to Watch 2022

Find out what are the most important payment trends to look out for in 2022 and what they mean for your business.

Change can feel overwhelming.

New ways of doing things, new technology, new procedures… It can all take a toll on a business owner who’s trying to keep up.

However, change can also be a good thing. It can lead to improvements in how things are done, simplifications of tasks, and even new opportunities for growth.

At the center of doing business is getting paid. Like everything else, it’s constantly changing. What new payment trends are emerging in 2022? And how will this affect your business? Let’s find out.

Cashless is the new norm

As we mentioned in our article about how COVID-19 has affected credit card processing, the pandemic has brought a massive decrease in cash transactions. That’s partly because people recognize that viruses can be transmitted via contact with contaminated surfaces–including money. 

However, this doesn’t tell the whole story as to why this is. People are also buying more online–32% more, according to the U.S. Dept of Commerce. Since you can’t use cash for online purchases, it’s not being used for the millions of eCommerce transactions that are only set to rise as the pandemic grinds on.

How this trend affects your business

Recognize that less and less cash use means reinventing how businesses accept payments. Choosing the right payment processor can mean a world of difference in saving on processing fees when it comes to your bottom line.

Tap-to-pay credit cards

Closely related to cash use declining is the increase in tap-to-pay methods. Many pandemic-minded customers are looking to avoid COVID transmission as much as possible and prefer as little physical contact as possible during checkout. 

This is a major advantage for tap-to-pay credit cards, but it’s not the only one. They are also faster than swipe or dip methods, along with causing less wear and tear on the card and providing a more secure transaction compared to mag-stripe ones. 

All of these reasons have led to more than a 100% year-over-year increase in tap to pay transactions, according to Visa. With more than 300 million contactless credit cards being used in 2021, expect this trend to only continue into the new year.

How this trend affects your business

If you’re not equipped to accept tap-to-pay credit cards, you will be hindering your ability to accept payments as this technology grows in popularity. Take a look at our article for help choosing credit card processing equipment.

Mobile wallets on the rise

Some of the same advantages that tap-to-pay credit cards offer can also be found with mobile wallets. These include contactless payments and increased security during transactions through NFC (near-field communication) technology.

Add on the increased convenience of using stored debit/credit cards in their mobile devices or apps like Apple Pay and Venmo, and it’s easy to see why people are opting to use mobile wallets to pay in 2022.

How this trend affects your business

As payment forms adapt, so does your business to keep up with new technology. Make sure your equipment is able to accept NFC payments from mobile wallets. If it doesn’t (or if it’s time to upgrade), take a look at some of the best credit card machines for each budget that feature NFC technology.

Crypto payments 

2021 brought crypto to the limelight for the world. 2022 is when it’s set to really start being used as payment. A recent survey by McKinsey showed that 21% of those holding cryptocurrency want to use it for payments. 

Many skeptics initially scoffed at the idea of crypto being used for payments due to its volatility, however major companies are proving them wrong. Tesla, Microsoft, and Expedia are all accepting cryptocurrency as payment–and these are seen as just the beginning. 

How this trend affects your business

If you thought cryptocurrency payments are far off, think again. If you don’t want to use a crypto wallet to accept cryptocurrency, consider using an online payment system such as PayPal, who now accept major cryptos such as Bitcoin.

BNPL (buy now, pay later)

As inflation rises, the purchasing power of many consumers will continue to fall. This and other factors have led many to opt for the ability to spread out their purchase payments across a period of time, instead of paying the entire sum all at once. 

This service basically resembles a personal loan, with varying interest rates, payment duration, and payment frequencies varying from one BNPL payment service to another. 

Research is signaling strongly that BNPL services are in high demand as a payment option in 2022. McKinsey reported that 30% of those surveyed financed using a BNPL service, with 29% saying they would have purchased something smaller or not at all without BNPL and 39% saying they prefer BNPL services over credit cards.

How this trend affects your business

While BNPL options aren’t for every business, they are certainly attractive for customers who may not be able to afford a large purchase with one payment or during busy shopping seasons. 

Fighting fraud using AI

2021 saw eCommerce businesses losing over $20 billion to fraudsters, up nearly 18% from 2020, according to a recent report. Consequently, businesses will turn to AI and machine learning for stronger security and protection.

Some of these AI-powered security features include transaction approval, real-time fraud indicators, and fraud trend analysis that protect against potential future issues. 

How this trend affects your business

Depending on the volume of transactions of your business, it could be well worth it to use this emerging technology to fight against fraud and protect the financial information of both you and your customers. 


Even though payments systems continue to change, you don’t have to feel overwhelmed. By learning about these trends now, you can see how you might benefit from these trends and better tend to your customer and your market.

Find out you can save money or make running your business easier by checking out the Progressive Payment Solutions blog. PPS is all about helping you move your business forward by offering services that make things simple, easy, and affordable when it comes to processing payments. Talk with us today to learn more about how we can help your business progress.

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