5 Digital Payment Trends To Expect In 2022

Current shifts across economies worldwide and the trend among policymakers to create a more digitized global economy have brought more attention to innovative financial processes such as digital payments. Thus, it’s important to note the implications of digitalization on commerce, understand how digital payments work, and study their trends.

Digital payments are payments made through mobile and internet-based channels. In other words, they’re payments sent online through mobile computing and Internet-enabled devices. For these payments to occur, both the sender and receiver must have ways to accept them. Sending a person money through your phone, paying bills online, and transferring payment for items through your mobile wallet are just some notable examples of digital payments.

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Trends In Digital Payments To Look Forward In 2022

Considering the recent economic changes spurred by global incidence such as the Coronavirus disease-2019 (COVID-19) pandemic, digital payments will continue to increase as the systems mature. The following trends will contribute to the adoption of digital payments across the globe:

  • Broader Usage Of Payment Cards

Payments cards are continuing to enjoy increased patronage, it’s said. An increase in the limits for cashless transactions and easy access to credit cards, like a virtual corporate card, give more people the opportunity to use digital payments. This trend is, therefore, expected to endure across more regions. 

The truth is with people being able to do more with their cards, in addition to the conveniences the system offers, more people will find it to be a preferable option than offline payments and contact-based transactions. In other words, increasing opportunities for card usage will continue to spur the use of digital payment systems in 2022.

  • The Number Of Cross-Border Payments Will Continue To Rise 

Despite a hiccup in 2020, it’s believed that the demand to send money across borders continues to rise. As an indicator, several companies are into cross-border payments, benefiting greatly from the need to achieve a genuinely global payment system.

Cross-border money senders use digital payments because sending money from one country to another can take a long time. The processing of checks and money orders and currency exchanges incur additional banking costs, mostly excluded during digital transactions. 

In other words, people who send money abroad to their loved ones perform digital transactions with lesser transactional costs and timing through digital payments. The same thing goes with business owners in foreign commerce. In 2022, more people will be lured by this web-based economic model benefit.

  • Transitioning Of Offline Businesses To Online

Businesses switching from traditional offline storefronts to online shops transitioning is said to become the order of the day. Why? The incidence of lockdowns has increased consumers’ dependency on online commerce. The significant and growing nature of e-commerce indicates that more transactions are happening online; as a result, companies have shifted their operational focus to digital platforms. 

Without a doubt, e-commerce platforms continue to grow and gain traction daily. Owing to this, the need for digital payments keeps rising as more consumers embrace digital payments. In a nutshell, the higher the number of companies transitioning online, the higher the level of digital transactions, and the higher the demand for digital payments.

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  • Increased Demand For Cybersecurity 

As consumers become more comfortable with online payments than ever, Internet fraudsters have geared up to exploit their ignorance and the weaknesses of digital systems. 

Payment scams and fraud have cost consumers and businesses various losses. This is why in 2022, more companies will usher in advanced technologies that’ll strengthen cybersecurity systems and prevent the exploitation of consumers from digital criminals. 

To tackle banking-related cyberfraud, financial institutions are also deploying technology-based measures such as artificial intelligence and data analytics. They’re complementing these steps with human strategies such as training and enlightenment. Thus, in 2022, more efforts will be taken to safeguard digital payments. 

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  • Adoption Of Digital Banks And Wallets Will Carry On

Figures show that more consumers are moving towards technology-driven digital wallets payments and online banking systems. These options have been realized to serve the vast population of people who have no bank accounts and the underbanked. 

Gradually, mobile payments and e-bill payments are becoming mainstream. Online banks with no physical representation are also gaining more attention recently as more people begin to find the traditional banking system unnecessarily redundant.

Besides, consumers’ expectations continue to shape their relationship with banks. With online banking and digital wallets creating a friendlier user experience (UX), 2022 is the year more people will settle for these options. An increase in such patronage is a win for digital payments. 


In 2022, there’ll be a significant shift in how money moves in different markets and economies. With consumers getting accustomed to digital innovations, their preference for more accessible and effective payment solutions will rise. Business and financial institutions will also need to amp up their digital payment methodology and management in order not to be left behind.