Looking Back to Move Forward: Key Takeaways from Money20/20 Vegas

As the industry comes back together after the pandemic and prepares for the start of 2022, we look back on key drivers of the continuously evolving fintech industry.  In this article, we reflect on key learnings from Money 2020 Vegas, the industry’s most influential fintech event:
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Changing Consumer Demands are Fueling Adoption of Alternative Payment Methods

According to the WorldPay Global Payments report, consumer payment trends will shift—more consumers will turn to digital/mobile wallets and less will turn to credit cards. Online Banking Payments or Bank Transfers will also continue to grow and are projected to become more popular than debit cards by 2023. This rise in Alternative Payment Methods (APMs), or any form of payment which isn’t cash, or a credit/debit card issued by a major bank, was a huge theme of Money 20/20 this year.

The rise in popularity of APMs can be attributed to higher conversion rates during checkout in comparison to cards. Research by Baynard suggests that APMs are preferable because many consumers abandon their cart due to frustrations with the checkout process including a process that is too long/complicated, the necessity of account creation, a lack of trust, and more.