Asia-Pacific has grown into the world's largest market for cashless transactions. Find out what are the top APMs here.
The digital payment industry is undergoing rapid transformation with a projected value of $12.55 trillion by 2027. Companies must stay ahead of the curve to meet evolving consumer demands.
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Here are the top payment trends to watch in 2023:
1. Mobile Wallets
The Mobile Wallets Report predicts that half of the world's population will use mobile wallets by 2025. The convenience factor is a major driver of adoption, and the ability to use mobile wallets for in-store and online purchases provides consumers with a seamless payment method across all channels.
2. Tap to Phone
The market for tap-to-phone payments is projected to expand significantly, reaching $76.3 billion by 2025. This technology enables merchants to accept contactless payments through their smartphones, providing a competitive advantage for small and medium-sized businesses, as well as improved customer experience for large enterprises.
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3. Buy Now, Pay Later
The number of consumers using buy now, pay later (BNPL) services is expected to rise to 900 million by 2027. This method is popular among Gen Z consumers but is also being utilized by older individuals on fixed incomes.
4. Pay by Bank
An increasing number of retailers are promoting the option of "pay by bank," where merchants receive payments directly from customers' bank accounts, bypassing card fees. This trend is expected to become more prevalent in 2023.
5. Growth in Electronic Transactions Volumes
The number of mobile contactless transactions will surpass contactless card transactions by 2023, with a 92% increase in mobile payments from 26 billion in 2021 to 49 billion in 2023.
2023 is shaping up to be an exciting year for the digital payment industry with advancements in technology and changes in consumer behaviour driving innovation and growth. Stay informed and be prepared to pivot your business strategy to keep up with these trends.
Streamline payments using Xanpay by integrating alternative payment methods (APMs) into checkout. APMs offer a cost-saving alternative to credit cards. Learn how to integrate Xanpay with checkout.
Asia-Pacific has grown into the world's largest market for cashless transactions. Find out what are the top APMs here.
Asia-Pacific has grown into the world's largest market for cashless transactions. Find out what are the top APMs here.