Growing Trends from TSG and Bank of America
Shoptalk 2023, which took place in Last Vegas at the end of March, was home to thousands of attendees, including retailers, brands, agencies, and solutions providers. In conjunction with the conference, TSG partnered with Bank of America to provide a high-level look at growing retail payment trends.
- Trend #1: Digital Wallets
- Consumers are gaining comfort with wallets. In fact, 48% of consumers reported using digital wallets regularly in 2022 according to a TSG survey conducted last October.
- Trend #2: Open Banking / “Pay by Bank”
- With an annual growth rate of nearly 50%, the number of open banking users is expected to surpass 130M globally by 2024
- Trends #3: Marketplaces
- A popular channel for both merchants and consumers, marketplaces are projected to account for 70% of eCommerce by 2025
What trends do you see in the retail payments space? Reach out to talk further about the merchant landscape.