A new year means new opportunities, possibilities, and of course trends. So to keep you and your business ahead of the curve, here are three payment trends you may see in 2023.
1. Wallets are going digital: According to McKinsey, research predicts that within two years over two-thirds of Americans will own a digital wallet1. Many of these digital wallet owners are expected to have three or more. By 2026, it is predicted that more than 60% of the world’s population will be using digital wallets1. Of the consumers who are not partaking in the trend, 42% say they don’t know how to use a mobile wallet1. Another 30% don’t believe they are a secure form of payment1. As people grow more comfortable using digital wallets, they’ll expect business owners to offer payment experiences that cater to this new trend, so be sure to take advantage of the tech that utilizes digital wallets. The best way to handle skeptical consumers is by educating them on the benefits of using a digital wallet. Inform them on how safe and secure they can be and how they add convenience to shopping and streamline payment methods.
2. Streamlining payment tech: Another new trend emerging among companies is the utilization of technology that helps pinpoint efficiencies while also adapting to customers’ evolving needs. A McKinsey study showed that employing digital analytics tools reduced business costs 3% more than traditional cost cuts or cross-border labor-cost arbitrage2. This new trend helps business owners streamline their operations and make everyday tasks much easier.
3. Real growth for real-time payments: When a payment made between bank accounts is initiated, cleared, and settled within seconds, it is known as a real-time payment. This form of payment is not new but is becoming more popular among buyers and businesses. In 2022, 1.8 billion real-time transactions occurred. The number is predicted to increase to a whopping 8.9 billion in 20262. Real-time payments benefit businesses by accelerating cash flow which allows owners to proactively manage their business. They also help reduce processing delays. On the consumer side, real-time payments provide a quick and clear look at their finances instead of waiting several days for transactions to go through. Overall, real-time transactions help move money more swiftly compared to checks and credit cards and are also more secure than cash.
These are just a few of the new business trends coming in the new year. Contact Elavon to learn more about business trends and tips that could give your business an edge over the competition.
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