As consumers made more payments than ever in 2023, new trends are emerging

In the last of five reports in our “Payments Ecosystem” collection, we look at what’s influencing retail sales growth across in-store, online, and social commerce channels—and what it means for payment providers.

In the fourth of five reports in our “Payments Ecosystem” collection, we look at what’s influencing growth across P2P, remittance, bill pay, payroll, and B2B transactions—and what it means for payment providers.

The rollout includes AI-powered product recommendations and a one-click checkout experience. But in the fast-moving industry, these features could soon become commonplace among the major wallets

The P2P payments space is deeply entrenched by competitors that have large networks of loyal users

The move can bring in more volume on PayPal’s cards and enhance consumer loyalty

Mobile P2P payments are struggling to capture users in Canada. But banks and digital wallet providers can lean into their respective strengths to create a rosier outlook for growth.

UK mobile P2P payments usage growth has a case of the doldrums—but bank and digital wallet providers can explore several options to give it a boost.

In 2023, 92.3% of the 5.2 million accounts opened digitally will be with incumbent banks, as digital-only banks fall victim to economic uncertainty and intense fintech competition.

US adults are fairly evenly split on using mobile payment apps online versus in-store—except with PayPal, where 36% of users use the platform online most often, compared with 29% of users who use the app in-store, according to CivicScience.

As US mcommerce sales approach nearly half of total US online sales, marketers need to adopt mobile-first strategies that improve both the shopping and checkout experience. For those looking to boost adoption for their mobile shopping apps, banner ads are the best deal, though more interactive ad formats could become popular as retailers gamify their apps.

If marketed properly, the tech can help it stand out from rivals and build customer trust before mass industry adoption.

US mobile peer-to-peer (P2P) payments have reached a critical mass, and spending is surging—but the media’s spotlight on fraud has stoked consumer concerns, threatening user and spending growth. In 2023, providers will tackle the security issue head-on as they aim to become consumers’ primary wallet.

Mobile P2P payments are reaching market maturity in the US as spending soars, but security challenges threaten to reverse gains. Providers are working to assuage consumer fears while adding a robust array of features to tighten user relationships.

The app’s expanding product suite could appeal to this group. But they won’t be an easy sell, and Block risks becoming over-reliant on Cash App.

Adoption of digital wallets is approaching critical mass, but they won’t replace physical wallets anytime soon. However, a super app may be on the horizon, especially if companies can crack the ability to integrate payments with shopping services.

The digital wallet is already the top P2P service among teens. Its youth-facing products could help monetize the app

Gen Zers are flocking to emerging payment methods, but card-based options, led by debit cards, remain supreme. Payment providers must align offerings with Gen Z’s preferences now as their spending power grows.

Powered by cloud-based APIs, modern card issuing leapfrogs traditional issuer processing to help non-financial services companies launch and customize card programs. Here’s where their offerings will be most disruptive.

After a challenging Q1, PayPal looks to be shifting its strategy to focus on high-growth areas. Business areas like Xoom might not fit.