{"product_id":"frost-radar™-digital-payments-2022","title":"Frost Radar™: Digital Payments, 2022","description":"\u003cp\u003eFrost Radar™: Digital Payments, 2022\u003c\/p\u003e \n\n\n\n\u003cp\u003eDigital payments became more popular during the COVID-19 pandemic, putting pressure on merchants to provide frictionless and secure transaction options. The use of cash is rapidly declining, and the concept of a cashless society could become reality in the near future.\u003c\/p\u003e\n\n\n\n\u003cp\u003eDigital payments industry growth is exceeding expectations year after year. Frost \u0026amp; Sullivan’s current projection is for the global market size to reach roughly $180 billion in 2026, more than double the 2021 market size of about $89 billion.\u003c\/p\u003e\n\n\n\n\u003cp\u003eCustomers’ expectations for their banks are changing too, with more emphasis on convenience. Demands include a seamless digital payment experience with accessibility from any device and cutting-edge data and fraud protection. Traditional banks are experiencing a new wave of competition in the payments industry in the form of nonbank digital players including technology giants and start-ups, which is compelling them to digitize and use new strategies and operating models in order to keep up with consumer demand.\u003c\/p\u003e\n\n\n\n\u003cp\u003eThe range of digital banks and wallets from which consumers can choose is placing more importance on a user-centric approach to help a fintech company stand out. A platform to integrate all available information about customers’ needs and preferences would include options to increase customer engagement, such as promotions, offers, and mobile wallet loyalty programs.\u003c\/p\u003e\n\n\n\n\u003cp\u003eYounger consumers are a target demographic for buy-now-pay-later (BNPL) options. Banks have a unique advantage to compete against digital banking and offer BNPL options in that they can leverage this rich customer data and have comfortable footing in competing against fintech firms.\u003c\/p\u003e\n\n\n\n\u003cp\u003eThe Frost Radar™ reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the\u003c\/p\u003e\n\n\u003cp\u003eFrost Radar™ methodology. The document presents competitive profiles on each of the companies in the Frost Radar™ based on their strengths, opportunities, and a small discussion on their positioning. Frost \u0026amp; Sullivan analyzes numerous companies in an industry and benchmarks them across 10 criteria on the Frost Radar™, where the leading companies in the industry are then positioned.\u003c\/p\u003e","brand":"Technology \u0026 Media","offers":[{"title":"November, 2022 \/ 40 Pages \/ MCW16286935","offer_id":47715077161266,"sku":null,"price":5940.0,"currency_code":"USD","in_stock":true}],"url":"https:\/\/www.hardmanwell.com\/products\/frost-radar%e2%84%a2-digital-payments-2022","provider":"HARDMAN AND WELL MANAGEMENT CONSULTANCIES L.L.C","version":"1.0","type":"link"}