Entrepreneurship

• Cash and checks are declining but not disappearing.
• Debit, credit, and prepaid cards will compete for growing digital spending.
• FedNow's launch could increase the prominence of bank-based payments and intensify competition.

Although debit still reigns supreme, with consumer preferences moving toward digital, cash and checks will continue to be displaced in the US. 

• While most retail sales still occur in-store, digital is driving innovation as ecommerce grows.
• Domestic P2P and digital remittance providers will diversify to lure users and monetize solutions.
• Digitization is dominating B2B and disbursement innovation.

Ongoing ecommerce growth is pushing payment providers to make efficient and inexpensive digital payment solutions their top priority despite the ever-changing post-pandemic landscape.