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new york, October 6, 2022 /PRNewswire/ — BNY Mellon, in partnership with the Ite-Novarica Group, today released a study that examines business payment trends, as businesses embrace emerging digital tools such as real-time payments (RTP) and digital wallets.
The report also found significant regional differences in channel usage. Rapid payment acceptance is expected to increase, both through the RTP® network in the US and the soon-to-be-launched FedNow service and Europe and the UK with SEPA Credit Transfer for faster and faster payment services.
Cryptocurrencies – touted as a game changer for payments – show projected growth, mainly among existing users. Meanwhile, the use of cash and checks is declining on a net basis, even though they are embedded in many businesses, particularly in the US.
The main findings of the survey include:
- in North AmericaAnd Europe And the United Kingdom, digital wallets are expected to see the highest growth in the next 12 months.
- Among non-cryptocurrencies, 7% of European businesses and 10% of North American businesses intend to use them in the near future.
- 67% of European corporations surveyed are using instant payments, compared to 46% of corporations North America.
- 86% of European and UK Instant Pay non-users say they have some degree of intention to use the transaction method in the next 12-24 months, with 68% of non-users in North America in the same camp.
- 76 percent of North American businesses used checks in the past 12 months, compared to 61 percent Europe.
“These research findings show that companies that are currently adopting new payment technologies are reaping the benefits, while those that are slow to adopt them need more support to change,” he says. Carl Slabicki, Associate Head of Global Payments at BNY Mellon Treasury Services. “That’s why we’re positioning it as a gateway for businesses to access all payment solutions as quickly and easily as possible.”
“The report shows a complex and surprisingly regional payment landscape,” he said. Giles UbagsAuthor of the study by the Aite-Novarica Group. “No single payment method is emerging as the preferred solution and fragmentation may continue for some time before we see any consolidation in payment types.”
The findings of the report are based on the opinions of 790 employees of medium and large organizations in seven North American and European countries.
About BNY MELLON
BNY Mellon is a global investment firm dedicated to helping clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services to institutions, corporations or individual investors, BNY Mellon provides informed investment and wealth management and investment services in 35 countries. such as June 30, 2022had BNY Mellon. $43.0 trillion by assets under custody and/or management, and 1.9 trillion dollars In assets under management. BNY Mellon can serve as a single point of contact for clients seeking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is a corporate brand of New York Mellon Corporation (NYSE: BK). More information is available at www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
Contact:
Nina Truman
[email protected]
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Source BNY Mellon
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