Payments Trends to Watch in 2024
Wallets Will Rule Amid Intensifying Competition, While FedNow Shakes Up Payment Flows
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Table of Contents
About This Report
Fintechs, banks, and the government will reshuffle the payments deck in 2024. New features and competition will redefine the digital wallet user experience, and FedNow will pivot payment flows in new directions.
Payment industry innovation and competition will transform mobile commerce and diversify payment flow routes in 2024. Consumers and businesses will win big, benefiting from instant payment expansion, commerce enablement tools, and broader payment choices.
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Table of Contents
- Feature innovation will transform digital wallets into everyday commerce enablers
- Paze will put open-loop digital wallet leaders on notice
- FedNow will take a bite out of bill pay
- Sources
- Media Gallery
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US Mobile Wallet Users and Penetration, 2021-2027 (millions and % of smartphone users)
Mobile Payment App/Wallet That US Adults Use Most Often for Online vs. In-Store Purchases, July 2023 (% of responses)
Annual US Consumer Bill Payment Value, by Type of Payment Instrument, 2022 (billions and % share)
US Mobile Wallet Users and Penetration, 2021-2027 (millions and % of smartphone users)
Mobile Payment App/Wallet That US Adults Use Most Often for Online vs. In-Store Purchases, July 2023 (% of responses)
Annual US Consumer Bill Payment Value, by Type of Payment Instrument, 2022 (billions and % share)
authors
David Morris
Contributors
- Suzy Davidkhanian
- Principal Analyst, Retail & Ecommerce
- Tiffani Montez
- Principal Analyst, Banking
- Amy Rotondo
- Director, US Research