Main Payment Trends You Are Sure to See in 2023
As the world is gradually recovering from the effects of the COVID-19 outbreak, consumers can now make purchases in person without putting their health at risk. However, while shoppers have returned to brick-and-mortar stores, they haven’t given up on digital payments that experienced rapid growth during the pandemic.
In fact, online retail sales amounted to $4.9 trillion worldwide and are forecast to increase by over 50% within the next four years1, making it clear that eCommerce will keep thriving. But what will be driving this process? As 2023 is approaching, we decided to take a look at the payment trends that will be shaping online sales over the next 12 months - read ahead for valuable insights!
6 Payment Trends That Will Drive Commerce in 2023
Knowing which payment trends will be prevalent in the future is essential for providing an up-to-date shopping experience for clients. Below are the key tendencies to keep in mind in 2023:
1. Blend of Offline and Online Shopping Experiences
In response to these factors, brands are actively investing in omnichannel solutions that enable them to sell seamlessly through a combination of online and offline platforms.
The increasing preference for frictionless online payment options over traditional bank cards and cash, combined with the desire to continue enjoying the immediacy of brick-and-mortar shops, guarantees that this trend is here to stay in 2023 and beyond.
2. Continuing BNPL Growth
Buy Now, Pay Later services have experienced a surge in popularity throughout the pandemic due to the financial uncertainty that came along with it. Despite the peak of the crisis being seemingly over, the number of companies offering clients to pay for purchases in installments is predicted to continue increasing. But why so?
As a result, BNPL services are forecasted to comprise approximately 24% of eCommerce transactions by 2026, representing a 9% increase from 20213.
3. The Prominence of QR Codes
QR codes have been around for a while, yet haven’t had their moment of fame in commerce until the pandemic when merchants were looking for fast ways to switch to contactless transactions.
Fast forward to 2022, when QR codes are widely used to promote sales of goods and services. You are likely to see them at restaurants, retail stores, and other businesses, enabling clients to see the price list, unlock discounts, get loyalty bonuses, make payments, leave feedback, and more.
Given the inexpensive integration and the versatility of implementation, it is no surprise that QR codes have won the hearts of merchants and consumers alike, and their prominence will continue to expand. Experts predict that the number of consumers implementing QR codes in purchases will exceed 2.2 billion by 2025, which equals 29% of all mobile phone users globally4.
4. Strengthening Position of Digital Wallets
Digital wallets have become a commonplace payment method that consumers expect to see at checkout. Thus, sellers who don't provide their customers with an option to use a digital wallet are likely to continue losing a significant percentage of potential sales in-store and online.
Think about it: already in 2023, over 4 billion people globally are expected to shop using digital wallets. What’s more, in the same year, the number of customers using digital wallets for POS transactions will exceed 1.6 billion, accounting for 30% of all point-of-sale purchases5.
Thus, if your store still doesn’t accept this payment method, there is no better moment to hop on this trend.
5. Increasing Importance of Super Apps
Such multi-app ecosystems often include payment services. One example is WeChat, a popular Chinese super app that started off as a messaging platform but evolved to offer additional services, such as taxi rides, virtual wallets, games, hotel bookings, and medical consultations.
2023 is expected to bring even more super apps to the stage, featuring trending payment solutions like digital wallets and BNPL services.
6. Greater Popularity of In-App Tips
Nowadays, social media platforms enable users to get paid directly by their followers via apps, such as TikTok and Twitch, instead of relying on affiliate marketing, brand collaborations, and product sales.
Summing Up: Prepare Your Business in Advance
All in all, in 2023, customers will expect businesses to provide them with a wide array of payment options, including digital wallets and BNPL solutions. Merchants should also focus on omnichannel commerce and ensure a seamless shopping experience for their clients both online and offline.
If you notice that your company isn’t keeping up with some of the trends listed above, make sure you take timely action to remain competitive. For frictionless, secure, and fast payment services, reach out to Payneteasy - our team of professionals will tailor the perfect solution to match your business needs.