Six Key Payments Trends for 2023

Six Key Payments Trends for 2023

Summary

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’, 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 fintechs. 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.

Scope

• The payments industry is moving towards digitization with trends such as super apps and SoftPOS, which eliminates the need for card readers.
• Social media platforms are expanding and integrating new solutions such as ecommerce and payment options, tying into the super app concept.
• Startups may face funding issues due to macroeconomic conditions, creating opportunities for stable incumbent companies to acquire them at low valuations.

• 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.