Trust at the heart of emerging trends in global economy

A  new report from Checkout.com outlines trends emerging as the global economy continues to digitalize – and argues that establishing trust between counterparties is at the heart of these trends.

From sharing personal data, relying on protections, or embracing new technologies, merchants, banks and consumers must take a leap of faith: and actors in the digital economy have to work hard to earn the trust of their counterparties and enable relationships to be established.

Hot Markets Going Hyper-Digital

Trust at the heart of emerging trends

Trust in The Digital Economy 2025  notes that, amid a general trend in which 75% of global consumers transact online weekly or more, certain markets stand out as being hyper-digital, with consumers making multiple digital purchases on a daily basis.

In Brazil, for instance, the report reveals that more than one in three (35%) of Brazilians shop online daily, with 27% of Chinese consumers likewise shopping digitally every day. 

As a region, the Middle East and North Africa (MENA) is the fastest-growing geography for digital commerce, with the number of online transactions up 300% since 2022.

Within this region, Middle Eastern countries such as Saudi Arabia and the UAE enjoy the highest penetration of digital commerce.

All of these countries – from Brazil, to the Middle Eastern markets and China – can be characterized as having young, growing populations combined with a strong governmental focus on financial digitalization and innovation. 

What’s more, these markets have typically seen economic activity “leapfrog” from cash to digital forms such as Brazil’s Pix, without necessarily developing an extensive card infrastructure as an intermediate step.

Other markets digitalizing rapidly at present include Egypt and Indonesia – where appetite for digital payments is highest among large younger populations.

New Trends Emerging In Economic Activity

Checkout.com’s new report outlines a number of key trends emerging as the global economy digitalizes.

Key among these is the emergence of account-to-account (A2A) payments, attractive to all parties because of the speed with which A2A payments are typically transacted, and the lower fees usually charged to merchants for processing such transactions. 

One factor within A2A payments – the speed at which they transact and settle – is linked to another key trend identified by Checkout.com: the rise of the “gig” economy.

The “gig” economy, also known as the “creator” economy, sees products and services sold online either as a side-hustle alongside another job, or as a micro-enterprise.

In this context, the capacity to pay and be paid rapidly and securely is of vital importance to maintaining cash flows and financial health.

Checkout.com’s report notes that 46% of those born between 1980 and 2000, also known as “Gen Z”, are engaged in the gig economy – rising to 58% of the entire population of Brazil and 53% of all Egyptians.

In a related trend, a quarter of Millennials (born after 2000) and Gen Z in the UK and Europe are now engaged in what’s known as the “circular economy”, in which shoppers prioritize second-hand purchases and earn income from re-selling these items on marketplace platforms such as Craigslist and eBay.

Arguably the biggest change in store for online shopping will be the role of AI agents.

Over the next five years, customers will increasingly deploy AI agents to make transactions on their behalf.

The implication for businesses is that they will have to earn consumer trust: as AI agents increasingly take on the role of personal online shopping assistants for the consumer, consumers will want to trust the business their AI agent engages with.

The Implications For Payments Players

Trends towards a new “gig” economy and the emergence of a circular economy among younger consumers mean that getting paid rapidly, with smooth, secure and simple transaction processes, is now more important than ever. 

At one level, this means that the accurate authentication of counterparties, the capacity to establish a trusted digital ID, and the ready availability of preferred payment methods become more important, since customers and collaborators want to know they can transact easily, rapidly and securely. 

At another level, Checkout.com has shown the extent to which trust fuels the entire spectrum of digital life, from browsing websites and channels to selecting products, purchasing and handling any disputes or returns.

In this environment, merchants need to meet rising consumer expectations for speed, security, and outstanding after-sales service – or risk breaking trust with highly-engaged and digital-first younger consumers who have a wide range of alternative purchase options to choose from.

For more on the role of trust in tomorrow’s digital economy, download “Trust in The Digital Economy 2025”  the new study from Checkout.com, now.