Sightline Payments will work with Visa to power its Play+ cards, which can help digitize the cash-heavy casino and gaming sector.

Low adoption and stagnating growth are driving peer-to-peer mobile payment providers to make their services more accessible and attractive to increase engagement within the existing user base.

Though FIs should keep these at the top of mind when creating digital strategies, they should proceed with caution.

More than anything else, cash-back credit card customers want security and control. Free identity theft insurance and Social Security number monitoring are by far the most valued features among potential users of these cards in the US. These consumers also look for ease of earning and redeeming rewards.

Big banks are cutting costs, and merchants are moving to cashless transactions. Here’s how neobanks are connecting with cash-first customers.

With more than 6 in 10 smartphone users adopting mobile peer-to-peer payments in the US across multiple apps, providers are looking to widen their addressable base, mitigate pain points, and drive engagement.

Cash is on the decline everywhere, accounting for at most 44% of point-of-sale (POS) transaction value regionally and just 18% globally in 2021. Its share will drop to 10% worldwide by the end of 2025, with North America, Asia-Pacific, and Europe leading the charge away from physical money.

Payments Ecosystem: Diminishing analog payment use—as well as the battle for share between entrenched electronic payment methods and emerging challengers—will intensify the battle for customer spending this year.

In Latin America in 2022, digital payments will make gains, consumer expectations around ecommerce will shift, corporate sustainability and social issues will come to the fore, SMBs will bank on social commerce, and retail media networks will make their presence felt.

Digitization is disrupting the B2B payments space, the largest addressable payments market. As the industry evolves, there will be a substantial opportunity for payment providers to meet changing preferences and capture market share.

More than a third of US investors believe people will stop using cash sometime in the next five years, with 12% of those investors expecting this change to come within a year.

See where US consumers want to earn rewards

The majority of US adults are against living in a cashless society, with 60% indicating they’d prefer physical money to stick around.

Credit or debit? US credit card owners are torn

The pandemic accelerated payments industry digitization across the entire landscape, as merchants turned to ecommerce to keep doors open, consumers eschewed cash in favor of electronic and contactless payments, and payments technology providers rapidly developed and launched new solutions to keep up.

During the coronavirus pandemic, many consumers have preferred to pay local businesses using traditional payment methods over contactless channels. According to May 2020 polling from Podium, the highest share of US internet users surveyed (42.9%) said they preferred using a credit card reader, with cash coming in second at 18.4%.

US bank branches are still shuttered amid the pandemic, but consumers are more likely to conduct their banking online, according to recent research.

Proximity mobile payments are reshaping traditional payment methods in Latin America, providing consumers with a faster, more convenient and streamlined payment experience for their everyday purchases. This year, we forecast that 13.3% of Latin America smartphone users ages 14 and older will make at least one proximity mobile payment. That represents 33.4 million individuals or 6.7% of the region’s population.