Payment Trends in 2023: Insights from Payment Experts
The payment industry is constantly evolving, driven by advances in technology and changes in consumer behaviour. In 2023, we can expect to see a number of trends that will shape the way businesses process payments and engage with their customers. We have collected expert opinions to share insights on the key trends to watch in 2023
Mobile Payments Growth
As smartphones become more ubiquitous, mobile payments are expected to continue their rapid growth. In fact, according to a report by eMarketer, mobile payments are projected to reach $3.56 trillion in 2023. This trend is driven by the convenience of mobile payments, which allow customers to pay quickly and easily using their mobile devices. Merchants that offer mobile payment options, including well-customized mobile payment checkout, will be able to capture a larger share of the market and provide a better customer experience
Reports by Statista and eMarketer
Security matters
Security has always been a key concern in the payment industry, and this trend is expected to continue in 2023. With the increasing frequency of data breaches and cyberattacks, consumers are more aware than ever of the need to protect their personal and financial information. Merchants that prioritize security will be able to build trust with their customers and differentiate themselves from their competitors. This may include using technologies such as tokenization, encryption and anti-fraud rules to ensure that transactions are secure and reduce the risk of fraud
Growing Popularity of Instant Payments
One-click payments, which allow customers to pay with a simple tap of their card or mobile device, have become increasingly popular in recent years. This trend is expected to continue in 2023, as more merchants adopt one-click payment technologies and consumers become more comfortable with this payment method. One-click payments offer several benefits, including speed, convenience, and customers’ comfort. Merchants that offer one-click payment options will be able to meet the evolving needs of their customers and provide a seamless checkout experience
The Rise of Subscription Payments
Subscription-based business models have become increasingly popular in recent years, and this trend is expected to continue in 2023. Subscription payments offer several benefits for both businesses and consumers, including predictable revenue streams and convenience. Merchants that offer subscription-based products or services will need to ensure that their payment systems are flexible and easy to use, as consumers may have varying preferences for payment frequencies and methods
The Importance of Omnichannel Payments
Consumers today expect a seamless shopping experience across all channels, including online and mobile. This trend is expected to continue in 2023, and merchants will need to prioritize omnichannel payments to meet the needs of their customers. This may include offering multiple payment options, such as credit cards, mobile payments, digital wallets and crypto, and ensuring that transactions can be completed quickly and securely across all channels
Harvard Business Review Analytic Services survey
In Conclusion
The payment industry is undergoing rapid change, and merchants wanting to stay competitive must stay ahead of the latest trends. In 2023, we can expect continued growth in mobile and contactless payments, a greater focus on security, the rise of subscription payments, and the growing importance of omnichannel payments. Merchants that embrace these trends and prioritize the needs of their customers will be well-positioned for success in the years ahead. Transferty is constantly watching payment trends to move the Fintech innovations
