Six Key Payments Trends for 2023
Six Key Payments Industry Trend Overview
The major payment trends of 2023 point towards an improvement in payment infrastructure. The payments industry is continuing its march towards further digitization in preparation for a cashless economy. As more payments are completed digitally, consumers have more options. This requires payment companies and merchants to adopt multiple payment solutions to ensure they can remain competitive and meet their consumers’ needs. Emerging payment trends such as ‘super apps’, Software Point of Sale (SoftPOS), and cloud technology will further accelerate the digitization of the industry. Incumbent companies are entering these new, innovative areas by either developing their own solutions or acquiring fintech. But startups and companies with limited funding will be faced with funding issues due to the macroeconomic conditions.
This report explores six of the most important trends in the payments market in 2023: mobile payments, super apps, social commerce, technology, blockchain, and macroeconomic conditions.
Mobile Payments: Mobile payments are set to continue rising in the future as more providers develop solutions to make mobile payments more efficient. One such solution that is expected to further contribute to the adoption of mobile payments is SoftPOS, which will turn merchants’ smartphones into contactless payment devices, eliminating the need for card readers.
Mobile Wallet Transactions, 2020-2025 (trillion)
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Super Apps: The concept of super apps is becoming more of a reality in Western countries. Already adopted in the Asian region, companies in the West are slowly expanding the capabilities of their apps, aiming to turn their platforms into super apps. Platforms such as PayPal and Revolut already have strong ecosystems that are close to becoming super apps.
Social Commerce: Social media platforms are expanding beyond their traditional role as means of communication by integrating new solutions within their ecosystem such as ecommerce and payment options. These integrations will help social media platforms develop new sources of revenue and tie into the super app concept.
Mobile Commerce Transactions, 2017-2025 ($ million)
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Technology: Innovative technology such as open banking and the cloud will see growing adoption in the coming years. A growing number of payment companies are migrating to cloud platforms as they will improve their systems to be more efficient and ease the development of new services. Open banking initially emerged in Europe but is now seeing global adoption.
Blockchain: Despite limited regulations, financial institutions are increasingly adopting blockchain technology as a solution within their infrastructure. Some companies are finally looking for application beyond cryptocurrencies, but these innovative applications are still at an early stage. The number of central banks working on central bank digital currencies (CBDCs) is still rising, but most are still in the development stage.
Macroeconomic Conditions: Startups that are not profitable and are solely dependent on investors’ funding will find it difficult to survive if inflation continues to worsen. Some startups are likely to see their valuation decrease or face difficulty justifying a high valuation. This will create opportunity for stable incumbent companies with large cash reserves to acquire a fintech startup at a low valuation.
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Top Payment Trends
| Top Payment Trends | Mobile Payments, Super Apps, Social Commerce, Technology, Blockchain, and Macroeconomic Conditions |
Reasons to Buy
- Identify the factors driving growth of the wider payments landscape including super apps, mobile payments, and blockchain.
- Establish a greater understanding of these factors through our proprietary data and extensive research.
Key Players
Table of Contents
Frequently Asked Questions
The top 6 payment industry trends of 2023 are mobile payments, super apps, social commerce, technology, blockchain, and macroeconomic conditions.
One such solution that is expected to further contribute to the adoption of mobile payments is SoftPOS, which will turn merchants’ smartphones into contactless payment devices, eliminating the need for card readers.
Platforms such as PayPal and Revolut already have strong ecosystems that are close to becoming super apps.
Innovative technology such as open banking and the cloud will see growing adoption in the payments industry in the coming years.
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