Most people make at least one online purchase per week, so it may be hard to believe that we feel that eCommerce will be a trend to watch in 2022. But eCommerce sales continue to grow each year and will represent 19.6% of global retail sales in 2021 (Source: eMarketer). One in four businesses still don't have a website, so there is still opportunity for growth in eCommerce as new websites are built and online stores and payment pages are added to existing websites. One key word in payments is "convenience" and business owners that resisted adding an online store in the past are learning that consumers want a convenient way to shop and make a purchase without having to leave the comfort of their home or hassle with crowds.  

In 2021, we saw a significant increase in new customers in the field service and personal service industries wanting to start using mobile payments because of the convenience it offered their customers and the simple fact that they got paid faster. We expect the demand for mobile payment solutions to continue in 2022 because of the growth in new business startups in-home services, personal services, and independent contractors. Mobile payments provide small business owners the flexibility and freedom to operate their business anywhere and take payments anytime without being tethered to a credit card machine or office computer. 

Usage of contactless payments soared during the height of the pandemic and will continue to be a safe and easy way for people to pay for a food order or service in 2022. There is good reason for businesses to adopt tap-to-pay or QR codes, as evidenced by Visa's Back To Business Study, where 54% of respondents indicated that they would switch to a new store that had installed a contactless payment method. 

Contactless payment methods also provide an additional layer of security since the credit card does not physically come into contact with a payment device, so the sensitive information contained in the magnetic stripe on the back of the card cannot be compromised. 

Fighting fraud and credit card theft is a largely silent and daily battle that can be tiresome for platform developers under constant attack. Luckily, artificial intelligence is coming to the rescue to make the war against fraudsters easier. Mastercard now uses AI to score every credit card transaction and provides this data to acquirers so they can be more efficient in declining fraudulent transactions. 

Offering a variety of payment methods at checkout such as credit card, bank transfer, Apple Pay, and Google Pay will help reduce cart abandonment, especially with 50% of purchases taking place on a smartphone or mobile device. Consumers want to pay for things the way they are most comfortable, and diversifying the payment types at checkout will help ensure that a sale goes through without issue. 

Another option that is helping drive conversions and delivers higher ticket sales is Buy Now Pay Later (BNPL) through an installment plan. Buy Now Pay Later is an option driving sales on Amazon and was a massive benefit for cash-strapped consumers making purchases during the pandemic's peak. A recent Morning Consult poll found that one in five adults planned to use BNPL for holiday purchases this year so we can expect that number to rise in 2022 as this payment option becomes more widely used. 

The world of digital payments is rapidly evolving, and business owners need to keep pace with what consumers are responding to in an ever-changing market. Adapting to new trends and being an early adopter can be incredibly beneficial, especially when a worldwide pandemic strikes and changes how we shop or eat out. You may not want to be the first to jump on a new trend, but you do not want to be last.