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Digital Payments: Why They’re Still a Big Deal

You might think there are more pressing business concerns than digitalizing payments. But 20% of companies think it is the “most important” challenge to business operations. Another 28% think it’s “important.”1 Where do you stand?

If you’re still not convinced, consider some compelling reasons why you should fully embrace digital payments.

  • 82% of Americans use digital payments.2
  • 66% of adults worldwide make or receive digital payments.3
  • 36% of companies still make B2B payments by check4 — one of the top methods (66%) for perpetrating fraud against businesses.5

What is the future of digital payments?

  • The digital payments market will be valued at $15.27 billion by 2027 — a CAGR rate of 12.38%.6
  • U.S. digital commerce users will generate an average of more than $3,000 per transaction in 2025.7

You can’t afford to miss out on digital payments’ perpetual growth. Contact Synovus Treasury & Payment Solutions, your Treasury Consultant, or Relationship Manager to learn more about our modern, flexible payment solutions.

Important disclosure information

Disclosure: This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, -nancial or investment professionals based on your speci¬c circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

  1. PYMNTS.com, “Reframing Anti-Fraud Strategy,” June 2022 Back
  2. McKinsey & Company, “New Trends in US Consumer Digital Payments,” October 26, 2021 Back

  3. The World Bank, “COVID-19 Drives Global Surge in Use of Digital Payments,” June 29, 2022

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  4. Strategic Treasurer, “B2B Payments Research,” 2021 Back

  5. Association for Financial Professionals, “Payments Fraud and Control Report,” 2022

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  6. ReportLinker, “Digital Payments Market – Growth, Trends, COVID-19 Impact,” June 13, 2022 Back
  7. CPA Practice Advisor, “Digital Payments to Hit $6.6 Trillion in 2021, a 40% Jump in Two Years,” February 2, 2021 Back