Stanton Chase
Digital Payment Trends That Are Changing the Face of Commerce

Digital Payment Trends That Are Changing the Face of Commerce

July 2022


Video cover
There is no doubt that the pandemic has accelerated the digital transformation of businesses. It is true that many businesses have benefited from the digital revolution, but many more have missed vital opportunities to remain competitive and relevant in the market. 

Electronic payments and e-commerce have had a significant impact on banking, a sector notorious for its conservatism and hesitancy to modernize. By leveraging electronic payments, the banking industry can benefit from the growth of the digital economy. The industry will, however, need to prove that it is willing to change along with the times in order to accomplish this. 

Due to the growing popularity of electronic payments, the economic ecosystem to which they belong is being transformed, with changes being made to both the authorization process (e.g., digital wallets, credit cards) and the back-end payment system (e.g., buy now-pay later, cryptocurrencies). 

If your company has not yet embraced e-commerce (and payment methods related to it), it may be at risk of being dislodged by competitors more willing to embrace change. 


As the name implies, Buy Now-Pay Later (BNPL) platforms allow consumers to buy what they want now and pay for it later. Payments are made at regular, preapproved intervals (such as monthly or weekly) to cover the cost of the item.  

In contrast to credit, BNPL does not charge interest or fees to the consumer. It is like layby, except you get your product upfront, and there are no hidden costs. 

The BNPL format is a key trend in the new era of e-commerce. Deutsche Bank recently developed its own BNPL solution for online marketplaces and e-commerce, paving the way for other institutions to follow.  

While Deutsche Bank is innovative in this regard, almost any institution can integrate this system into their payment processes. Once again, it boils down to a willingness to adapt.  

As a result of implementing their own BNPL system, Deutsche Bank is hoping to increase both consumer and merchant loyalty, as well as sales. 


A cryptocurrency is a digital currency based on cryptography, using decentralized systems rather than centralized authorities to verify transactions and maintain records. 

The topic of cryptocurrencies, also known as digital or virtual currencies, has received a lot of attention in the past few months. However, it has yet to demonstrate that it is impervious to wider political and economic changes.  

Despite the merits of incorporating cryptocurrency into payment processes, investors should give it a second thought before investing in it themselves. Since cryptocurrencies’ high in 2021, they have lost about $2 trillion in value, which has been a hard lesson for many crypto-traders.  

However, cryptocurrencies have seen a significant increase in adoption by traditional financial institutions in recent months. El Salvador was the first country to adopt Bitcoin as an official currency in September 2021. The Central African Republic soon followed.  

As more businesses embrace cryptocurrency as a legitimate means of facilitating transactions, governments and policymakers around the world are expected to implement policies that regulate its adoption. The role of cryptocurrency in e-commerce will be shaped by the policies they enact. 

Digital wallets 

Any device, from a smartwatch to a smartphone, can be used to facilitate online transactions with a digital wallet (also called a mobile wallet). Using a digital wallet, users can store their payment methods in one location. It can also be used to store additional information, such as the user’s identification papers, coupons, driver’s license, and flight tickets.  

Recent years have seen a significant increase in the use of digital wallets. Fiserv reported that they were used in more than 48 percent of all e-commerce transactions in 2021. According to current predictions, that number will reach 52% by 2025.  

It is no surprise that digital wallets are becoming more popular. Security protocols like two-factor authentication and tokenization are typically built into them. To gain and maintain the trust of users, digital wallet providers need to provide a highly secure system, and they have inarguably done so. There is no doubt that digital wallets are even more secure than more traditional payment methods.  

The Rise of Fintech Super App  

Mobile applications that provide a wide range of services, including e-commerce, food delivery, transportation, and payment, are known as super apps.  

Sixty-four percent of consumers around the world are already using a fintech platform, and businesses are increasingly investing in financial technology to meet consumer demand.  

Conceptually, it is not a new idea, but it has become extremely mainstream in Asian and Latin American countries. However, there is a lack of use of super apps in Europe, and many other countries and continents are underutilizing them as well. 

All providers have the potential to become super apps with embedded finance and open banking, but those with a significant client base have an advantage. Considering their large client bases and well-known, reputable brands, banks ought to be taking advantage of this trend, but many still are not. 

What You Need to Do to Profit from the E-Commerce Revolution 

It is predicted that cashless transactions will continue to increase in popularity. The number of cashless transactions is predicted to exceed 1.5 trillion by 2025, growing at an average annual rate of 18%. As a result, businesses need to begin thinking about how they can stay competitive in an ever-changing market. 

Hyper-automation, artificial intelligence, and other strategies will be necessary for financial institutions to take advantage of the revolution in digital payments. As a result, businesses will need to reevaluate how they develop the software that they use in their daily operations. Even well-established businesses may be hindered by an inability, or unwillingness, to embrace technological advances (consider what happened to Blockbuster when Netflix began streaming movies). 

In future, the various payment mechanisms are likely to be integrated. Customers want to transact quickly, anywhere, in any currency, at any time. Adapting bank offerings to ensure that customers can transact quickly, safely, cheaply, and transparently will be essential. 

Software developers are not the only key to your business’ success in this increasingly complex technological environment. Among other factors, you will need to consider your managers, leaders, and executives, and how well they can embrace and drive the changes ahead. In order to lead your enterprise into a new era, you will need the right people with the right skills and vision. 

Stanton Chase has been helping companies find the right leaders to drive change and expansion since 1990. Our consultants at our Athens office are happy to assist you in doing the same

Executive Search

How Can We Help?

At Stanton Chase, we're more than just an executive search and leadership consulting firm. We're your partner in leadership.

Our approach is different. We believe in customized and personal executive search, executive assessment, board services, succession planning, and leadership onboarding support.

We believe in your potential to achieve greatness and we'll do everything we can to help you get there.

View All Services