RETAIL PAYMENTS
As financial services navigates the digital revolution , retail payments are being transformed with digital wallets predicted to hit a staggering transaction value of over US $ 16tn globally by 2028 , reshaping consumer spending habits across the globe .
According to McKinsey & Company , advanced POS systems are incorporating instant payment technologies to deliver real-time , seamless shopping experiences . This technological leap is influenced by a notable shift in consumer trust , with large tech firms gaining ground over traditional banks , demonstrating a preference for digital-first payment solutions .
The surge in popularity of Buy Now , Pay Later ( BNPL ) services reflects a broader trend towards flexible financial solutions , especially during times of economic uncertainty .
Changes to the retail payment industry are also characterised by innovations in POS technology , from cloud-based systems to enhanced personalisation , promising to revolutionise retail interactions and elevate customer satisfaction .
Digital Wallets : Growth and Global Trends The retail payments market in the Euro area exhibited strong trends in the first half of 2023 . Non-cash payment transactions rose by 10.1 %, highlighting an accelerating shift towards digital payment solutions . Card-based payments increased by 15.6 %, and
94 June 2024