5 Payments Trends to Watch in 2024
A wave of innovation has swept through all corners of the payments landscape. These are the 2024 payments trends shaping the future.
Top 5 Payments Trends Shaping the Payments Landscape in 2024
Over the past decade, a wave of innovation has swept through all corners of the payments landscape. As a result, the needs of market participants have evolved and they continue to do so at a substantial pace.
Scroll down to uncover our predictions to keep your eye on as 2024 unfurls. To delve deeper, download the full infographic.
Scroll down to uncover our predictions to keep your eye on as 2024 unfurls. To delve deeper, download the full infographic.
1. Account-to-Account Payments Soar
Although A2A payments are not new, API technology and the move to open banking have provided the payment rails for A2A payments to take off. We expect rapid growth to continue in step with further adoption worldwide of instant digital payment solutions for retail and corporate use.
2. Payment Fraud Explodes
Combatting Authorized Push Payment (APP) fraud remains a challenge because it happens in real time and cannot be reversed. We expect wider adoption of confirmation of payee (CoP) and similar controls to temper APP fraud going forward.
3. Reducing the Cost of Payments Becomes Imperative
A confluence of factors from high interest rates to volatile credit markets are driving up the cost of payments and making liquidity management ever more challenging. Automating payments processes to reduce failed payments and prevent fraud will remain a top focus for businesses looking to reduce costs in 2024.
4. Corporates Drive for Efficiency
Corporates are increasingly bringing payments operations in-house to gain greater control and deliver a better customer experience. We expect the number of companies who manage their own payment operations to increase significantly.
5. Banking as a Service (BaaS) Gains Momentum
Banks are transforming their payment service operations and diversifying revenue by offering real-time payments capabilities to corporate and other customers through APIs.
Want to find out more? Download the full infographic and understand the impact on your business in 2024.
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Copyright © 2023 LexisNexis Risk Solutions.
Copyright © 2023 LexisNexis Risk Solutions.
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