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Will 2022 be the year of Seven predictions for 2022

the great bank opening? Change will continue in 2022, fueled by shifts in consumer
preferences and behavior. Here's what I expect to see in
the banking and payments space in 2022.
By Vanni Parmeggiani 1. The preference for credit cards will continue to
Go Cardless decline. Credit cards will continue to see a slow and
inexorable decline as a preferred method of pay-
pen banking isn't new. Financial wellness ment, driven by the preferences of younger Ameri-
apps—apps that connect directly to people's cans.
bank accounts to help them stay financially 2. BNPL and digital wallets will continue to gain
O organized—are an example of open banking market share. Not everybody wants a $3,000 credit
that most Americans are familiar with. But open banking line to manage. Some people just want $200 that
has many other applications, and those applications are they can pay back in three installments. Younger
laying the groundwork for a payments revolution—one Americans will continue to drive adoption of BNPL
that is well underway in other parts of the world. and other digital-first forms of payment that better
cater to their needs. In fact, in a recent U.S. Payment
In the United States, open banking is likely to dominate Trends Study from GoCardless (https://gocardless.com/
headlines in the new year, along with other alternative en-us/guides/posts/2021-us-payment-trends-report/) 70
payments technologies—like digital wallets and buy now, percent of American consumers revealed that they
pay later (BNPL)—that will continue to gain market share would rather use BNPL providers, like Klarna and
and edge out credit cards, especially among Millennials Afterpay, than credit cards. This increases to 87 per-
and Gen Zers. U.S. federal agencies are regulating this cent among Gen Z and Millennials.
space to ensure that U.S. open banking ramps up and 3. Mobile devices will become the most important
delivers consumer benefits as intended.
form factor in payments. As mobile commerce vol-
umes overtake ecommerce, mobile devices will offi-