The Future of Payments: The 2023 Outlook

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The Future of Payments: The 2023 Outlook

For years, consumers and businesses have sat and watched the evolution of payments. And, as digitisation continues to take hold across a number of industries and the world of payments is no exception to this.

We can’t be 100% certain where payments will go over the next decade, but we have got a number of predictions for the future payment trends we’re expecting in 2023.

So, join us in our latest blog as we dig a little deeper into the future of payments.

Digital Wallets Are Here to Stay

Consumer reliance on digital wallets is showing no signs of dissipating any time soon. This is mostly down to convenience, as non-bank digital wallets like PayPal, Apple Pay and Google Pay can be connected to smartphones and even tablets too, making it much easier to make payments online and in person.

What’s more, non-bank digital wallets tend to be much more compatible with existing apps. So, as digital wallets stick around, we’re expecting banks and non banks to continue to secure the thriving market of digital wallets.

Buy Now, Pay Later Continues to Thrive

The likes of ClearPay, Klarna and the rest are set to continue their boom, with buy now, pay later (BNPL) here to stay for now. The short term financing option has become increasingly popular, particularly as consumers grapple with the cost of living crisis.

Juniper Research predicts the amount of BNPL users is likely to exceed 900 million by 2027, which is good news for merchants, as the digital payment trend allows you to maximise your revenue while also adding convenience to your consumers.

Increased Use of Biometric Payment Authentication

The notion of biometric payments is nothing new, as it’s been a hot topic of discussion in the fintech world for some time now. But, as consumers and businesses become more conscious of secure payments, biometric payment authentication is set to be much more widely used in 2023.

Whether it’s fingerprint scanning, heartbeat analysis or vein mapping – there’s a lot in the pipeline to make payments more secure and efficient. One of the key benefits for businesses is this can only enhance the trust between you and your customers going forward.


Need Help with Your Payments?

At FastPay, we help a multitude of businesses and organisations take care of their payments. From our Direct Debit Managed service and Powerful Integrations to the FastPay Direct Debit Bureau, we’re committed to providing a payment solution tailored to our client’s needs.

Start a conversation with our friendly team today by calling 0161 737 5290 or get in touch online.

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