Payment processing is evolving fast. Mobile wallets, real-time payments, and contactless transactions are growing, while traditional methods like checks are fading. Mobile wallet transactions jumped from 2.9 billion in 2016 to 144 billion in 2022, overtaking check payments. Contactless transactions now account for 25% of all U.S. transactions, up from 3% in 2017.
Retailers and restaurants must adapt. Customers expect speed, security, and flexibility at checkout. Businesses that fail to modernize risk losing sales to those that do.
For software and payment resellers, demand for better payment solutions is rising. Businesses paid $172 billion in credit card processing fees in 2023. Those offering cost-effective, efficient systems will gain a competitive edge.
Here are 10 trends shaping the future of payments.
1. Real-Time Payments (RTP) Are on the Rise
Real-time payment systems are expanding globally, with more than 130 countries adopting them. By 2028, these transactions are expected to reach $75 billion, accounting for 27% of all electronic payments. For merchants, this means faster access to funds, reduced processing times, and improved cash flow.
2. Traditional Payment Methods Are Declining
Consumers are moving away from checks and other traditional forms of payment. The average American now writes just one check per year—down from three in 2016—highlighting the ongoing transition toward digital transactions. Retailers and restaurants that embrace digital payment solutions will be better positioned to meet consumer expectations.
3. Mobile Wallet Payments Are Surging
Mobile wallets like Apple Pay, Google Pay, and Samsung Pay have seen explosive growth, reaching 144 billion transactions in 2022—up from just 2.9 billion in 2016. These digital wallets now surpass check payments, making them a crucial payment method for businesses to support.
4. Contactless Payments Are Becoming the Norm
In 2023, contactless payments accounted for 25% of all transactions in the U.S., a dramatic increase from just 3% in 2017. With consumers expecting speed and convenience, businesses that enable contactless payments will improve customer experience and reduce checkout friction.
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5. Card Payments Still Dominate
Despite the rise of mobile wallets, credit and debit cards remain the preferred payment method for most consumers. Over 60% of monthly consumer payments in the U.S. are made using cards, showing their continued dominance in the payments landscape.
6. Cashless Transactions Are Growing Rapidly
The world is steadily moving toward a cashless economy. Between 2020 and 2025, global cashless payment volumes are projected to grow by more than 80%, surpassing 1 trillion transactions annually by 2025. Merchants should prepare for this shift by offering a variety of digital payment solutions.
7. Digital Payment Methods Are Now the Standard
Nearly 90% of Americans now use one or more digital payment methods, including mobile wallets, virtual cards, and contactless solutions. For businesses, integrating these payment methods isn’t just a convenience—it’s a necessity.
8. Consumers Prefer Contactless Payments
Customer preference for contactless payment options is clear: 68% of consumers at limited-service restaurants prefer them when available. Popular contactless options include:
- smartphone apps (86%)
- self-service kiosks (53%)
- digital wallets (68%),
- QR codes (48%)
9. Credit Card Processing Fees Are a Major Concern
U.S. businesses paid $172 billion in credit card processing fees in 2023, more than double what they paid a decade ago. For restaurants, these fees are a significant cost, often ranking as the third-largest expense after labor and food. Resellers offering competitive processing rates and alternative payment solutions can provide real value to merchants.
10. Restaurants Are Embracing Mobile Payments
In 2023, 66% of restaurants in the U.S. and Canada accepted mobile payments—more than the 63% that accepted credit cards and the 38% that accepted debit cards. Mobile payments are no longer a niche option; they are now a mainstream necessity for foodservice businesses.
What This Means for Businesses and Resellers
For merchants, these trends highlight the need to modernize payment systems, reduce friction at checkout, and offer customers the flexibility they expect. If you run a retail store or restaurant, ensuring your POS system supports mobile, contactless, and real-time payments will help you stay competitive.
For software and payment processing resellers, this is a massive opportunity. Businesses are looking for solutions that not only process payments efficiently but also help them manage costs and improve customer experience. Offering cutting-edge POS systems with integrated payment options will help you attract and retain clients.
Stay Ahead in the Future of Payments
The payment processing landscape is evolving fast, and businesses that embrace change will be the ones that thrive. Whether you’re a merchant looking to upgrade your payment systems or a reseller aiming to provide top-tier solutions, understanding these trends will position you for success.