Top trends in payments 2023 (2024)

FAQs

What is the future of payments in 2023? ›

Onbe's 2023 Future of Payments Report found that delivering modern, global payment experiences is no longer just a requirement but the standard for paying everyone. 70% of consumers prefer receiving digital and electronic payments from brands, and nearly half say cross-border payment capabilities are important.

Payments industry executives told PYMNTS that the four themes that defined B2B payments' transformation in 2023 were speed, security, artificial intelligence and tooling. And those four trends will continue to reshape the commercial transaction landscape in the year ahead.

The trend towards a cashless society has continued in 2024. This is largely due to the convenience and efficiency of digital payments, which have been further highlighted by the COVID-19 pandemic and the advantages attached to digital transactions.

The future of the Payments industry is decidedly digital. With the surge in fintech developments, consumers and businesses are quickly adapting to cashless transactions. The use of mobile wallets, digital currencies, and open banking systems are expected to dominate the industry.

Personal Income and Outlays, December 2023

Personal outlays—the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments—increased $134.7 billion (0.7 percent) and consumer spending increased $133.9 billion (0.7 percent).

Compared to the legacy methods, real-time B2B payments can enhance efficiency, reduce transaction costs, minimize the risk of fraud and improve cash flow management. Rather than waiting for that payment to arrive, you have immediate access to your funds.

Finance transformation in 2023 will be driven by a range of factors, including digitalization, data and analytics, ESG and sustainability, resilience and risk management. As we move into 2023, the finance function is undergoing significant transformation.

Global Biz News. The global B2B payments market size is poised for significant growth, with a valuation of USD 72.30 trillion in 2022 and projected to reach USD 174.38 trillion by 2030, growing at a CAGR of 11.9% during the forecast period 2023 to 2030.

In 2050, the payments ecosystem (acquirers, PSPs, facilitators, and aggregators) will revolve around creating integrated capabilities within an ecosystem of partners to truly optimise the customer experience and deliver a seamless, personalised payments journey from awareness to purchase and long-term retention.

What is the trend in contactless payments? ›

Use of tap-to-pay at the POS has risen steadily in the U.S. as NFC technology has become more commonly included in both mobile devices and payment terminals. This rise is expected to continue—indeed, analysts estimate that the value of digital wallet tap-to-pay transactions will grow by over 150 percent by 2028.

Eight million eligible households will receive three cost of living support payments of £301, £300 and £299. The first payment arrived in bank accounts in spring 2023, and households started receiving the second from 31 October 2023.

The 2023 United States banking crisis was a series of bank failures and bankruptcies that took place in early 2023, with the United States federal government ultimately intervening in several ways.

According to the latest research, the global Payment Processing market size was valued at USD 103121.29 million in 2022 and is expected to expand at a CAGR of 14.66% during the forecast period, reaching USD 234298.52 million by 2032.