From digital wallets to checks, commercial payment methods are changing
From Digital Wallets to Checks: Commercial Payment Methods are Changing
Change in the payments industry is constant. While the popular assumption is that all payment methods are becoming smarter and more sophisticated, the adoption rates among these newer channels are more nuanced.
Legacy payment tools including checks and batch processed payments remain among the most widely used payment mechanisms by commercial organizations, in part because of how they are embedded in so many operations.
The COVID-19 pandemic has accelerated the shift to more modern channels. Offering a range of payment options will remain critical, with so many choices available. But emerging electronic payment tools, such as real-time payments and digital wallets, all show very strong levels of growth across all markets. Newer ones such as cryptocurrencies are likely to remain relatively niche, with slow adoption rates among organizations not currently using them and high levels of growth among ones that are.
This white paper is based on end-user data that provides an up-to-date look at how businesses pay and how this may change in the near future.