Digital payment market is advancing by leaps and bounds. We see a new trend in the market every other day. But, is it safe to hop on every trendy thing you see when it comes to managing your money?
Well, it’s safe to say that using secured credit cards in canada for online payments and building credit is a green light. However, if you do so while using an unsecured website, that immediately becomes a red light.
So, the choice is really in your hands. Here’s a simple guide that lists all the latest payment trends you need to know in 2023:
1. Real-Time Schemes
As per the Statista records, the digital payment market is expected to grow by 15.20% by 2027 in Canada. While another report shows it is believed to heighten by 24.4% by 2026.
With such expectations, it is only true that the real-time payment schemes will be a top trend of the era. And, with an all-time transaction security and risk management, 2023 will be a year for instant payments.
2. Foreign Exchange
These past years have drastically changed how we used to manage money. The pandemic, global lockdown, and endless restrictions made us send some money back to their families and loved ones using several online platforms.
With that being said, consumers started to search more about the financial market, foreign exchange, and economy in general to get the best possible rates for their transactions.
And, this “being financially savvy and literate” trend is going to stay and even grow in 2023.
3. Open Banking
Speed? Convenience? Security? Comfort? Ladies and gentlemen, here’s open banking for you!
Nobody has the time to undergo a hefty and lengthy process just to make a successful transaction. With 2023, we have officially entered an era with the rise of embedded finance. Of course, that’s understandable.
- Need to order food? Use the food app!
- Need to buy clothes? Use the clothing app!
- Need to keep finances in check? Use the banking app!
Literally, there’s an app waiting for you to complete any and every task. What does it explain? Well, open banking is here with a bang to stay!
4. BNPL
Integral financial services are reaching the peak as many businesses and consumers are showing interest in embedded lending. Isn’t it great that you can buy now whatever you can and pay the bill later in installments.
Of course, there might be some interest and additional fees involved. However, it sounds like a ‘yes plan’ for small businesses who don’t meet the requirement for acquiring major loans.
Tip: Do your research and comparison before applying for any such service. The key is to always choose a company or lender that aligns with your financial condition.
5. Remittance
According to a report, almost more than 70 countries rely on remittance for their GDPs (4%). In fact, even a developed country like America is full of immigrants that work hard there to make the country grow and in turn send some money back to their families and loved ones.
As we said earlier, the pandemic has changed how we handle money. But, it has most definitely left a hard impression on people who send remittances and people who rely on it.
In fact, many banks and private companies reduce the transaction fees to help out these individuals. The point is the trend that started in the early 2020 to save more money for:
- Remittance,
- Savings,
- Investment,
- Retirement
Or, generally, “living” by avoiding dining out or spending on useless things is going to stay and even grow in 2023.
6. Secured Payments
There’s a whole month dedicated to cybersecurity then how it’s possible that this trend won’t make it to the top in 2023. Of course, it did. In fact, secured payments and cybersecurity has seen the light in this era like nothing else.
Yes, the fraudulent and theft activities reached an all-time high of 84,000 money loss cases. However, the users are now focusing more on safe and secure payments by looking at the:
- Lock sign
- Https in URL,
- Avoiding free WiFi
- Using secured apps
And, making wise money choices in general. Digital payments are no longer the top trend but secured digital payments definitely are! 🙂
7. Bank-Based Payments
The world saw a new wave of online shopping during the pandemic. Many small and large businesses who didn’t have any website or digital media took a hard hit due to that payment shift.
However, the exact factor made them follow the latest trend “bank-based payments” to make sure they stay thriving and surviving in any situation possible.
In fact, many retailers now offer bank-based payments at their check-outs to make the process convenient and easy for the consumer. Moreover, they also offer “no-contact” delivery to take the convenience to the next level.
FAQs
1. What is the future of digital payments?
In China, people use Alipay, WeChat, or other transaction apps to pay for their groceries or anything in general. In the US, people use QR codes to do the same. Similarly, there are other online payment platforms in other countries.
So, it won’t be wrong to say that the future of digital payments is quite secure and it’s only going to reach its peak in the coming years.
2. What are top payments trends that will leave a mark in 2023?
You can read the guide for a detailed answer. However, here is a short list for all the top payment trends for you:
- Mobile Wallets
- BNPL
- Online Payment Platforms
- Embedded Payments
- Real-Time Scheme Payments
- Open Banking
- Bank-Based Payments
Conclusion
Digital payments are here to stay!
The world is shifting its pace towards convenience and ease when it comes to making transactions and clearing bills. Of course, COVID-19 and pandemic have played a big role in doing that.
In fact, it won’t be wrong to say that it has accelerated the shift of paper money to digital money. So, we have mentioned the top trends that have changed the world of finance. Do read it!
