European payments provider Nets has released its Payments Outlook 2022, predicting a further move toward “Unified Commerce,” with the mobile device becoming the primary shopping hub for both in-store and online payments.
According to the report, the use of cash in Europe will continue to decline from 27 percent of total transaction value in 2020 to 15 percent in 2024. While some of that spend will move to cards (which will account for 66 percent of transaction value in 2024 compared to 61 percent today), the biggest growth area will continue to be mobile wallets, doubling from 7 percent in 2020 to 14 percent in 2024.
A trend that began out of necessity during the pandemic will grow, changing the way people pay. As work-from-home continues in some format, people have gotten used to having products show up at their houses.
“With the acceptance of flexible workplaces as the new normal comes a fortification of the habits that have changed since the pandemic began,” the report’s authors wrote. “While some aspects of our lives will go back to pre-pandemic normality, others will persist and further accelerate the increase in online spending. Consumers working in flexible workplaces are forecasted to spend more on online shopping across multiple categories, such as groceries, take-away and travel, than those not working from home.”
New payment methods, including Buy Now, Pay Later will continue to find solid footing as well, the report notes.
