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The complete guide to retail payment trends

Innovation, regulatory change and evolving consumer habits can make it hard to keep on top of the retail payments space. Here's our guide to make it that tad easier.


Staying up to date with the latest trends offers a competitive advantage over businesses that aren’t as fast to act. But keeping on top of those trends means having an ear to the ground and being ready to react quickly. Leave it too late, and you’re jumping on the bandwagon. With that in mind, here are the latest retail payment trends to help you get ahead of the curve.

Looking ahead with retail trends for 2022

The retail space continues to evolve, with eCommerce becoming the number one shopping method for customers. In 2022, demand for alternative payment options, such as buy now, pay later (BNPL), has increased. Social media is also becoming an increasingly important selling tool, while voice command retail searches are on the rise. Technology continues to evolve in the retail space, and we can expect to see increased use of smartphones as well as virtual reality and augmented reality. 

Find out more about retail trends during 2022

3 retail payment trends here to stay

As the shift from high street to online shopping continues, customers now expect more ways to pay for products and services. The payment space has grown over the last three years, and some methods people initially thought were trends are here to stay. More than 80% of millennials said they were open to using new payment methods, such as BNPL. And more than 50% of Brits already use it as their primary payment method. Mobile and contactless payments have also grown in importance, with many banks raising the contactless cap to £100. Another long-term trend to keep an eye on is the omnichannel experience, which is evolving as businesses review their touchpoints to give shoppers a seamless payment experience across multiple platforms and channels.

Find out more about the payment trends here to stay

Has the pandemic reduced the need for cash payments?

Ten years ago, 58% of all payments were made using cash. The landscape has changed, however. Turbocharged by Covid, fewer people use cash to pay for goods and services. ATM withdrawals fell by 60% during the pandemic, and the trend has continued even as physical stores resume standard operation. Predictions suggest that cash will only account for 9% of all transactions by 2028. It’s a significant fall from 58% only a decade ago

Find out more about how the pandemic has affected cash payments

4 consumer buying trends for 2021 - how to stay ahead of the curve

The year 2021 is when retail bounced back after Covid. The pandemic affected businesses of all shapes and sizes, especially those operating in brick-and-mortar stores. However, options like flexible finance made life easier for shoppers as they could spread the cost of payments. Increased focus on omnichannel, reduced cash payments and increased chatbots were also significant trends making waves in 2021.

Find out more about consumer buying trends in 2021

How valuable were lockdown lessons for retailers in 2021?

'Staying at home,' 'essential journeys only' and 'online shopping' became buzzwords during the height of the pandemic. Consequently, businesses looked at new ways to improve their offering during lockdown. One of these avenues was to give customers more innovative ways to pay by letting them spread the cost through options like BNPL. These payment methods meant customers didn't feel the strain of paying large sums for expensive orders all in one go. Instead, they had the flexibility and freedom to choose how they wanted to pay, which inspired them to spend more and increase average order values.

Find out more about the lessons retailers learnt during lockdown

How 2020 has changed retail finance forever

'There's no going back' might not be a sentence you'd associate with online stores, but that was very much the case by the end of 2020. Covid changed the retail finance space, with more people spending time online and buying products and services from websites. That meant increased shopping in the eCommerce world, and global revenue is now expected to reach $10 trillion by 2027. Shopping habits were changed forever during Covid, with customers given flexibility in how they paid. The result was an increase in finance options entering the mainstream and becoming fundamental components of how people pay for items.

Find out more about how 2020 changed retail finance forever

Final words

Retail, both on and offline, continues to go through a transformation, especially in the payments space. It's good for merchants to keep up with these trends and offer their customers a five-star service that empowers them to buy the products and services they want. Connecting with consumers is more important than ever, and being up to date on trends is one way to gain trust and show them you have your fingers on the pulse.

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