Trends in online payments for 2022

Let’s take a look at the main trends as we perceive them at PayU based on our global experience.

Four major trends in online payments for 2022

The world of online payments has taken a giant leap in the last two years. In the wake of the pandemic, it has shifted and grown in volume at a rate unmatched by anything in the past.  Consumers are much more willing to try new payment technologies. The rapid pace of change will continue globally this year. Let’s take a look at the main trends as we perceive them at PayU based on our global experience. 



Huge focus on cyber security


While consumers are more comfortable than ever with making payments online, fraudsters are gearing up to take advantage of their growing confidence. That’s why 2022 will be the year that cybersecurity companies introduce more advanced technologies designed to stop digital criminals. According to Capgemini’s 2022 Payments Trends Report, the rise of e-commerce, the growth of cashless payments and the leap in cyber threats will continue to fuel an increased focus on cybersecurity in payments.


A major leap in payments security has already been made in 2021, when new legislation on 3D Secure 2.0 came into force. Users quickly embraced and became accustomed to this major technological change related to stronger transaction verification. The next steps in this area will most likely go the way of behavioral authentication, i.e. the reading of gestures and the way the user moves.


At the same time, transactions made via PayU are continuously monitored by the so-called Anti Fraud module. This is PayU’s own solution that verifies each transaction according to a specific set of rules and is thus able to identify and stop suspicious transactions.



Ease and convenience


With the advent of 3D Secure 2.0, we also said goodbye to copying SMS confirmation codes. Consumers are increasingly becoming the main authentication element in payments. Biometrics in mobile keys and apps are being used to secure more than just mobile wallets such as Apple Pay. This usage will increase in 2022 due to, among other things, ease of use and user-friendliness, and of course as the technology expands and becomes more trusted and familiar to cardholders. For the most part, payment authentication will be through fingerprint and facial recognition or other similar technology.


The development of these technologies will certainly continue and in the future customers will be able to pay for travel or purchases simply by walking through a terminal or a shop and using the infrastructure that links their purchases to their wallet. 



Cross-border payments will grow in volume and importance 


Clearly, the demand for sending money across borders will continue to grow and shopping abroad will become more common. This is also linked to improvements in logistics. It is already common for customers to shop at foreign e-shops and this brings them a number of benefits. In addition, there are more and more secure payment solutions that make doing business very easy. And not only for customers, but also for eshop owners. PayU offers them a range of solutions in all currencies of the world. In our global statistics, we see that cross-border payments are growing the fastest of all.


For merchants operating in international markets who want to receive payouts in a currency other than the transaction currency, PayU offers an ICP (international currency exchange) solution that allows payouts in international currency.


At the same time, PayU Hub will help the merchant to cover all markets in different regions of the world quite easily within one technical integration.



Faster and as contactless as possible


In 2022, the demand for contactless, online, digital, seamless and faster payments will continue to increase as user demand continues to drive industry innovation. Contactless payments are more secure and require speed and ease of access. This is evidenced by the growing popularity of Apple Pay and Google Pay mobile wallets. PayU is working closely with MasterCard and Visa to launch the new Click to Pay payment method in the Czech market.