
How will Digital Payment Fare in 2023?
CIO Review APAC | Friday, January 27, 2023

Rapid advancements in payment technologies are providing digital-first consumers with more options and merchants must make informed decisions about how to position their businesses to meet their demands.
FREMONT, CA
Over the last decade, predominantly during the pandemic, the world of payments has undergone significant transformations. To expedite revenue and construct lasting relationships with customers or clients, companies need custom-built solutions as it grows more complex. For businesses, it is important to disintegrate from holding patterns and explore profitable options.
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BNPL Increases by Demand
In today’s economic extremity, the Buy Now Pay Later (BNPL) option is approved to a greater extent as a means of shopping in order to provide the opportunity to divide payments and pay over time, eventually cutting down expenses. Many countries are living paycheck to paycheck and prices at gas stations, grocery stores, restaurants, and stores are skyrocketing, BNPL is a smart choice during a recession.
Leveraging Real-Time and Faster Payments
Real-time payments (RTP) have increased by 39 per cent in the last two years. Millions of customers expect and demand the ability to transact whenever and wherever they want. In today's business world, it's the new normal.
RTP refers to any account-to-account fund transfer that allows for the immediate availability of funds to the transaction's beneficiary. When the payment is approved, the funds are deducted from the payer's account immediately. This type of payment is irrevocable. Once a payment is made, the payer cannot cancel the transfer. Benefits include accelerating the refund and payout process, providing customers with greater visibility into their financial condition, lowering the risk of overdraft fees and other penalties, and offering fast access to cash and more practical electronic payment choices.
Text Message Remains Intact
Text messages remain the most preferred method of fast communication and this directly translates into B2C relationships in 2023. In the financial world, text message payments and communications will continue to be the most important consideration. Customers can get invoices through text and make payments utilizing this simple procedure in the palms of their hands using any method—or by answering in the affirmative. They can ask for more information or customize automated responses using two-way text messaging. The consumer feels more involved in the process and is connected to the business owner through SMS conversations. It is the ideal tool for businesses that seek prompt payments through the most cutting-edge, practical payment option available.
Mobile Commerce
In the modern era, shopping on a mobile device has become a norm. This shopping channel is preferred by consumers as this makes mobile payments and the checkout process simple. Despite the fact that these are just a few trend projections, 2023 will be the year full of creativity and surprise as the world of payments transforms into a melting pot of ideas. Hence, anticipating the evolutions in the mechanism of payments and interaction with businesses and customers.
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