New York, October 6 June 2022 /PRNewswire/ — BNY Mellon, in partnership with the Aite-Novarica Group, today released a study examining trends in commercial payments, finding that businesses are adopting a range of emerging digital tools, such as real-time payments (RTP) and digital wallets.
The report also found significant regional differences in channel usage.Available in the U.S. and on the RTP® network and the upcoming FedNow service Europe and the UK’s SEPA Credit Transfer Instant and Faster Payments service.
Cryptocurrency – considered a game-changer for payments – shows growth forecasts mainly for existing users.At the same time, the net use of cash and checks is declining, even though they are embedded in the workflow of many businesses, especially in the U.S.
Key findings of the investigation include:
- exist North Americaand Europe And the UK, digital wallets are expected to experience the biggest growth over the next 12 months.
- Among non-cryptocurrency users, only 7% of European businesses and 10% of North American businesses intend to use them in the short term.
- 67% of European companies surveyed are using instant payments, compared to 46% in Europe North America.
- 86% of non-instant payment users in Europe and the UK say they have some degree of interest in using this transaction method in the next 12-24 months, with 68% of non-users in North America in the same camp.
- 76% of North American businesses have used checks in the past 12 months, compared to 61% in the past 12 months Europe.
“These findings suggest that companies currently adopting emerging payment technologies are already benefiting, while those with slower adoption require more support to make the switch,” said Karl Slabich, Co-Head of Global Payments, Treasury Services, BNY Mellon. “That’s why we’re positioning ourselves as the gateway for businesses to access all possible payment solutions as quickly and easily as possible.”
“The report paints a picture of a complex and region-specific payments landscape,” he said. Gilles Ubagus, author of the Aite-Novarica Group study. “There is no single payment method that is becoming the go-to solution, and this fragmentation is likely to continue for some time before we see any consolidation in payment types.”
The report’s findings are based on feedback from 790 employees in mid-sized and large organizations in seven countries in North America and Europe.
About Bank of New York Mellon
BNY Mellon is a global investment firm dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services to institutional, corporate or individual investors, BNY Mellon provides informed investing and wealth management and investment services in 35 countries.if or June 30, 2022Bank of New York Mellon has $43.0 trillion in escrow and/or managed assets, and $1.9 trillion in managed assets. BNY Mellon provides a single point of contact for clients wishing to create, trade, hold, manage, service, allocate or restructure investments. BNY Mellon is a corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). For more information, visit www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom www.bnymellon.com/newsroom for the latest company news.
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