New York, October 6, 2022 /PRNewswire/ — BNY Mellon, in collaboration with Aite-Novarica Group, today released a study examining trends in commercial payments, showing businesses adopting a variety of new digital tools such as real-time payments (RTP) and digital wallets I discovered that
The report also found significant regional variation in channel usage. The United States is expected to see increased adoption of instant payments via the RTP® network and the soon-to-be-launched FedNow service. Europe SEPA Credit Transfer Instant and Faster Payments services are available in the UK.
Known as a payment game changer, cryptocurrencies are showing projected growth mainly among existing users. Meanwhile, the use of cash and checks is declining on a net basis, but it is part of the workflow of many businesses, especially in the US.
Key findings from the study include:
- of North AmericaWhen Europe In the UK, digital wallets are expected to see the biggest growth over the next 12 months.
- Among non-users of cryptocurrencies, only 7% of European companies and 10% of North American companies intend to use cryptocurrencies in the short term.
- 67% of European companies surveyed use instant payments, compared to 46% of European companies North America.
- 86% of non-users in Europe and the UK say they have some interest in using transaction methods in the next 12-24 months, and 68% of non-users in North America are in the same camp .
- 76% of North American businesses have used a check in the last 12 months, compared to 61% in North America. Europe.
“These findings show that businesses currently adopting new payment technologies are already reaping the benefits, while those that are lagging behind need more support to make the switch. I am.” Karl Slavitzki, Co-Head of Global Payments within BNY Mellon’s Treasury Services. “That’s why we position the company as a gateway to access all payment solutions as quickly and easily as possible.”
“This report paints a complex and incredibly diverse landscape of payments by region,” he said. Jill Yuberg, author of the Aite-Novarica Group study. “No single payment method will emerge as the preferred solution, and that fragmentation may continue for some time until we see consolidation of payment types.”
The findings for this report are based on feedback from 790 employees in medium and large organizations in seven countries in North America and Europe.
About BNY Mellon
BNY Mellon is a global investment firm dedicated to helping clients manage and service their financial assets throughout the investment lifecycle. BNY Mellon provides informed investment and wealth management and investment services in 35 countries, whether providing financial services to institutional, corporate or individual investors.Current June 30, 2022BNY Mellon had $43.0 trillion assets in custody and/or under control; and $1.9 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com. For the latest company news, follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom.
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