Merchants learnt to incorporate newer and easier ways to reach and engage customers through digitally-powered storefronts; people traded with various types of cryptocurrencies as an alternative way to enjoy financial freedom and hedge their funds against economic instability; simply put, payment solutions have developed into an enabling function for the seamless operation of the business and financial worlds. However, 2022 has also seen a sharp economic downturn, including hyperinflation, and a spike in the cost of living. As the payment ecosystem continues to adapt and evolve in the face of such challenges and opportunities, here are the trends we believe will garner the most attention in 2023:
In recent years, the financial business ecosystem has experienced a significant transformation, particularly with regard to payment solutions. Particularly between 2021-2022, The payments industry experienced a period of transition that fueled a greater level of industry consolidation and attracted more tech-savvy ecosystem players.
As is already common knowledge, the payment solutions market will continue to see significant growth in 2023 thanks to the relevance of cryptocurrencies and other digital assets. Most significantly, there will be more regulation and more trust in it as a legitimate payment alternative. This is because cryptocurrency has established a huge significance in user applications and adoptions. In light of this, it is also anticipated that more countries will adopt or test the use of Central Bank Digital Currencies.
