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Global Payments Report 2023

In 2022, account-to-account (A2A) payments continued to grow across the globe, with the expansion of real-time payment systems helping to provide faster, safer and more convenient payments for consumers at the checkout, according to Global Payments Report 2023.

The Global Payments Report 2023 examines how consumers pay today both in-store and online across 40 global markets.

Findings from the 2023 report show that in 2022, there were almost 70 real-time payment (RTP) schemes providing high-speed payment rails that helped drive A2A payments to account for $525 billion in global e-commerce transaction value, up 13% from $463 billion in 2021.

Global Payments Report 2023

A2A payments already have business-to-business (B2B) and person-to-person (P2P) use cases.

This research shows A2A is increasingly a force in person-to-business (P2B) payments. A2A payments flow directly – and often instantly – from a consumer’s bank account to a merchant’s account, helping to drive down the cost of acceptance for merchants.

“It’s not hard to see why account-to-account (A2A) payments are gathering momentum. While it is significantly more convenient for consumers it also brings a host of benefits for merchants,” said Jim Johnson, President of Worldpay Merchant Solutions, FIS.

“A2A payments can reduce the cost of payment acceptance in comparison to cards, while offering the instant settlement of funds and boosting their cash flow. Some merchants are even offering customers incentives to pay with A2A, which is certainly helping it gain traction.”

The growth of A2A in the US mirrors the global trend, with A2A accounting for 9% of e-commerce transaction value in 2022.

This is projected to grow to 11% in 2026, fuelled in part by consumer use cases arising from the 2023 launch of FedNow, the new real-time payments network, which will join existing US real-time payment networks RTP from The Clearing House and Zelle.

Global Payment Trends:

  • The explosive growth in global e-commerce that took place during the first two years of the pandemic cooled in 2022, but only slightly, with global e-commerce transaction value growing by 10% from 2021 to 2022, to reach nearly $6 trillion.
  • Across the globe, consumers’ use of credit cards remains strong, with credit card transaction value growing 6% in e-commerce and 12% at the point of sale (POS) from 2021-2022.
  • Credit demand is also broadening to alternative credit products: credit card-linked digital wallets, buy now pay later (BNPL) and other POS financing offerings. BNPL accounted for 5% of global e-commerce transaction value in 2022, and is projected to rise to 6% by 2026. POS financing – including BNPL, retailer financing and bank financing – represented 2% of POS transaction value in 2022, a share it is projected to maintain through 2026.
  • Digital wallets continue to be the leading payment method globally, accounting for 49% of transaction value in e-commerce and 32% at the POS in 2022.
  • Digital wallets are projected to remain the leading payment method across e-commerce (54%) and POS (43%) in 2026, with fintechs, banks, neobanks, super apps, Big Tech and device manufacturers all competing as wallet providers.
  • Cash use continues to fall globally, from 26% of POS transaction value in 2019 to 16% in 2022. By 2026, cash’s share of global POS transaction value is expected to fall to less than 10%.

US Payment Trends:

  • US consumers continue their long-standing attachment to cards, with cards accounting for more than two-thirds of POS transaction value in 2022 (credit cards with 40%, debit cards with 31%).
  • Debit cards (20%) and credit cards (30%) comprised half of e-commerce spend in 2022.
  • Despite the popularity of cards overall, digital wallets became the single leading payment method among US consumers shopping online in 2022, with 32% of e-commerce transaction value.
  • US consumers are turning to wallets, but not turning away from cards, with 31% of US respondents saying they funded their wallets with credit cards, while 33% indicated funding by debit card.

“Despite the effects of inflation on consumer spending power and the threat of a global economic slowdown, e-commerce has continued to grow in all regions and markets,” Johnson added.

“Innovation in payment solutions is running at a hot pace right now, greatly improving the experience for customers, reducing headaches for merchants, and unlocking new avenues for growth. Meeting consumer demand for advanced payments features now can help businesses thrive through economic troubles, while potentially gaining market share from competitors.”


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