The Future of Payments

Key Points

In this report, we look at payment platforms, explore their prospects, and look at new technologies that could shape the future of the global payment landscape.

• Credit cards, debit cards and cash remain the most commonly used methods of payment in the US, but new options are gaining popularity.
• Contactless payments such as Apple Pay, PayPal, contactless cards, and others have attracted hundreds of millions of customers and some 65% of US retailers accept them.
• Boasting familiarity and efficiency, company-specific payments such as Amazon Pay and Walmart Pay help streamline the checkout process.
• In China, mobile payments have become the norm. With a combined more than one billion active users, WeChat Pay and Alipay have become the most used digital wallets in the world.
• Bitcoin dominates the cryptocurrency world, but price volatility continues to raise concerns about its suitability.
• Facebook plans to launch its own cryptocurrency called the “Libra” in 2020. It will back the currency with a reserve of low-risk assets and promises to combat the volatility that has plagued other cryptocurrencies.