The Rise of Digital Payments and Digital Wallets

With more customers opting for cashless and contactless transactions, studies show 25% of B2B customers are choosing to pay using digital payment options such as credit cards, debit cards, and digital wallets. Further, findings from a recent B2B ecommerce report also shows 65% of B2B companies are fully transacting online in 2022—and are more likely to offer ecommerce over in-person sales. With this in mind, digital payment methods are becoming a top priority for business owners and financial decision-makers for the following reasons:

• 95% say digitizing payments benefits their customers and vendors
• 64% want to automate their current manual processes
• 37% seek to accelerate their transaction processing
• 75% of CFOs want more transparent transactions to boost their customers’ lifetime value

With the increased adoption of digital payments and digital wallets, credit card use will continue to climb, prompting the need for payment processors to successfully complete digital transactions. Payment processing centers are at the heart of digital payment transactions.