When people used to step up to the register, payment options were as simple as “cash or credit.” Not so much anymore as an increase in alternate payment methods such as buy now, pay later (BNPL), digital wallets and person to person have come to the fore. With so many people facing increased financial pressures, these methods will be seen as a welcome (if risky, in the case of BNPL) trend.Use of digital wallets and contactless cards will continue to grow. It’s worth noting that one study reflected that 57% of Gen Z respondents use mobile wallets. Another study found that three in five people surveyed have used a BNPL option at checkout to finance a purchase. As recession looms, some experts anticipate that usage of the platforms could grow, widening the risk for potentially overextended consumers, especially younger ones.
People will get increasingly creative with payment options