Biggest Payments Trends for 2023
In online retail, particularly for complex models like marketplaces, the payment provider role has evolved from service provider to strategic partner, helping retailers drive customisation, improve conversion, and optimise performance.
As more businesses will be looking to turn their payment strategy into a revenue accelerator in 2023, lowering processing costs and boosting revenue are quickly becoming key themes. But here are five payment trends to watch in the coming year:
1. One-click mobile payments
Mobile commerce makes up 73% of the total ecommerce market.
2. Embedded finance
Embedded financial services, while not new, will become more widely available across multiple consumer touchpoints
3. A focus on Online Bank Transfers
Globally, over 70 billion transactions were conducted via an instant payment system in 2020
4. Card instalments
The global payment landscape is increasingly local in terms of preferred methods, currencies, and regulations.