BNY Mellon, in collaboration with Aite-Novarica Group, today released a study examining commercial payment trends, finding that businesses are embracing a range of emerging digital tools such as real-time payments (RTP) and digital wallets.

Significant geographical disparities in channel usage were also discovered by the survey. With the upcoming implementation of the FedNow service and the RTP® network in the United States, as well as the SEPA Credit Transfer Instant and Faster Payments services in Europe and the United Kingdom, more people are anticipated to start using instant payments.

Cryptocurrencies, which are predicted to revolutionize payments, are expected to rise mostly among current users. Although they are an integral part of the workflows of many firms, particularly those in the US, cash and checks are being used less frequently on a net basis.

Key findings of the survey include:
• In North America, Europe and the U.K., digital wallets are expected to see the most growth in the next 12 months.
• Among non-users of cryptocurrencies, only 7% of European businesses and 10% of North American businesses intend to utilize them in the near term.
• 67% of European corporations surveyed are using instant payments, compared to 46% of corporates in North America.
• 86% of European and U.K. non-users of instant payments note that they have some level of interest in using the transaction method in the next 12-24 months, with 68% of non-users in North America in the same camp.
• 76% of North American businesses have used checks in the last 12 months, compared to 61% in Europe.

“These study findings show that companies currently embracing emerging payment technologies are already reaping the benefits, while those slower to adopt them need more support to make the switch,”

“That is why we are positioning ourselves as the gateway for businesses to access all possible payment solutions as quickly and easily as possible.”

   Carl Slabicki, Co-Head of Global Payments within Treasury Services at BNY Mellon.

“The report paints a picture of a payments landscape that is complex and incredibly varied from region to region,”

“No single payment method is emerging as the preferred solution and that fragmentation is likely to continue for some time before we see any consolidation in payment types.”

                                                  Gilles Ubaghs, author of the study at Aite-Novarica Group.

The report’s conclusions are based on feedback from 790 workers at major and mid-sized companies across seven North American and European nations.