Top 10 Payments Trends to Watch in 2018



2017 was a good year for credit unions, and the industry is well positioned for a strong 2018. Lending and capital  positions are strong. Cards were used more heavily in 2017 than in 2016, a trend likely to continue, and consumer  distrust of big banks remains high.
From fraud and cyber security to fintech and other disruptors, here is a look at the top payments trends to watch in  2018:
— Faster Payments — There is a lot of hype around P2P payments. So far, the numbers are not keeping pace with  forecasts, but 2018 might be the time when millennials in particular — the generation that has grown up with Venmo — helps turn the tide.
With the release of Zelle and the Federal Reserve’s preference toward these types of technologies, we are already  seeing a shift.
— E-Commerce — As further evidenced by activity on Black Friday and Cyber Monday, the shift to e-commerce is real. The gap between e-commerce and in-store transactions is continuing to increase despite valiant efforts by  brick-and mortar businesses to drive consumers into stores.
— Mobile Wallets — There was a mad rush to add mobile wallets several years ago at the financial institution and  consumer level, but adoption did not take off as anticipated. Many consumers used their new mobile wallet of choice  a couple of times, then quickly forgot about it, and many merchants had not yet enabled mobile wallet technology.  All of the equipment from the past couple of years has mobile wallet technology embedded in it. If merchants opt to  turn it on, we are going to see a significant increase in the number of transactions done on mobile phones at the  point of sale. Instead of being top-of-wallet, it will be about being top-of-mobile device.

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