By Dave Carr, transformation director at Access PaySuite, part of the Access Group.
As digital payments become the norm, the shift away from cash is accelerating at an unprecedented pace. In 2024, 75% of adults worldwide said they had adopted some form of digital payment method, with only 8% of adults reporting using cash and coins “all of the time” – a clear signal that consumer behaviour, and therefore expectations, around payments have fundamentally changed.
The total transaction value in the digital payments market is projected to approach £15 trillion in 2025, with an anticipated annual growth rate of 13.63%, leading to a projected £28 trillion by 2030. For enterprise businesses, this represents more than a trend to watch; it’s a clear call to action.
Modern consumers demand seamless, flexible and secure ways to pay. There are expectations that transactions will be instantaneous and happen without friction or fuss, and if these expectations aren’t met, today’s consumers won’t hesitate to move to a competitor that can offer a better experience. In the modern world, frictionless payments have simply become a baseline requirement – not a customer experience perk.
Why embedded payments are a strategic imperative
Embedded payments are emerging as a game-changing solution for enterprises navigating this new reality. Last year, the global value of embedded payment transactions hit approximately £813 billion, and it is projected to surge to £1.8 trillion by 2028 – a 134% increase. Meanwhile, embedded B2B payments are forecast to grow from £1.4 billion in 2021, to £4.9 billion by 2026.
By seamlessly integrating payment processing directly within applications, platforms and devices, customers can complete transactions without being redirected to external payment pages. This results in a more seamless and convenient checkout experience – which is particularly crucial given that the average cart abandonment rate in the UK was a staggering 75% in 2023.
Embedded solutions do more than streamline checkout; they address key pain points that drive these high cart abandonment rates – such as long, complicated processes (22%) and a lack of payment methods (13%). Reducing friction at every stage of the payment process helps businesses to accelerate conversions, improve cash flow and recover revenue lost to abandoned purchases.
Meeting the challenge of scale
However, adopting embedded payments isn’t just about keeping up with expectations and enhancing the customer experience – particularly for large-scale organisations. Ultimately, it’s about building a payment infrastructure that can scale, adapt and integrate across complex ecosystems.
Legacy systems often present a barrier to transformation, but modern embedded solutions are designed to work alongside existing platforms and evolve with the business. Reducing the need for manual intervention not only saves valuable time, but it also minimises errors that can occur during data entry and processing.
We are in the midst of the cybersecurity pandemic, and security remains a top priority for businesses navigating this volatile landscape. Recent data shows that 85% of online merchants worldwide now use tokenisation to safeguard customer payment information, up from 78% in 2023. Meanwhile, biometric payment authentication has grown by 48% year-over-year, with 73% of consumers favouring it over traditional methods.
Addressing these evolving needs head on, embedded solutions are designed to meet rigorous security standards. Typically include features such as tokenisation, biometric verification and end-to-end encryption, these systems help enterprises maintain compliance and effectively manage risk amid increasing regulatory scrutiny.
In layman’s terms, this reduces the risk of fraud and unauthorised access, providing peace of mind for both businesses and customers alike. With consumers more concerned than ever about data privacy and security, in light of recent high-profile retail cyberattacks, investing in robust embedded payment security has never been more critical.
The next evolution of payment technology
The future of payments is rapidly moving beyond basic transactions. Early integration with artificial intelligence (AI), machine learning and predictive analytics is already enabling businesses to anticipate customer needs and offer dynamic, context-aware payment options that adapt in real time.
Recent research reveals that 83% of financial institutions are looking to use generative AI in payments to improve their anti-fraud capabilities. Meanwhile, a separate study from last year found that 75% of firms are already using AI – with a further 10% planning to implement it over the next three years.
As a result, payments have transformed significantly: what was once a back-office function has now become a central part of the customer experience and a strategic driver for business transformation. The future of payments is embedded, intelligent and deeply integrated into every customer interaction.
For enterprise leaders, the message is clear. Adopt embedded solutions to eliminate friction, build stronger customer relationships and unlock strategic value across your organisation. Those who act decisively today won’t just meet the demands of tomorrow – they will define the future of payments and secure a lasting competitive advantage.