New payment technology trends 2023

It’s hard to believe, but credit cards have been in use for well-over 50 years. As a form of payment, these pieces of plastic are ubiquitous. But the times, they are a-changin’, and the way in which we make payment is evolving at breakneck speed.

Here we take a look at some of the payment technology trends that are taking shape for 2023. Many of them have already become the norm, while others sound more like something out of a sci-fi movie.

Mobile wallets / Ewallets

Just as they sound, these wallets allow the storage of debit and credit card details in mobile-based wallets. Examples include Apple Pay and Samsung Pay, and these wallets are both highly secure and convenient, meaning the user doesn’t have to take out physical cash or even a card. Already massively popular from concert tickets to betting sites, expect the trend to be increased usage in 2023.

Cryptocurrency payments

Another rising trend, especially within industries such as the gaming and betting field, is the usage of cryptocurrencies to make payments. Already many of the world’s biggest and most-trusted betting sites are offer crypto payments and as option of depositing into accounts, and expect this trend to spread across industries as the use of blockchain technology makes crypto more secure and less volatile.

Automatic check out

Imagine being in a physical store and being able to scan the product you want with your mobile, and pay right then. That’s what happening with automatic checkout. Download the specific app and then add the product to your online cart by simply scanning the barcode with your phone. And pay right then. Both stores and restaurants are starting to implement the automatic checkout system.

Biometric payments

Yep, the time has come where your finger print, retina or even face will be the means by which your payment method is accessed and utilized. Global providers such as Visa are already testing fingerprint security access on their credit cards. Expect these systems to become visible in the mainstream in 2023.

Voice-activated purchases

Much like biometric systems, voice-driven technology has already been developed to allow users to say, for example, ‘Alexa, pay my bill’. Global providers such as Apple, Google and Amazon are already providing voice-activated purchasing opportunities, adding a futuristic layer to our payment capabilities.

Internet of Things (IOT)

Imagine your devices making purchases on demand. Well, we are already doing it if you think about buying movies through your TV, but what about smart fridges purchasing your weekly shopping, or mirrors in stores securing payment for the item you are trying on. It sounds futuristic, but the Internet of Things – the interconnected nature of the machines and devices around us – is making this not only possible but the reality.

Contactless payments

Depending on where you live, contactless payments may already be ubiquitous. But this technology, accelerated as a result of health concerns during the Covid-19 pandemic, will continue to grow and develop, with opportunities to make larger-scale payments through this method, and the locations in which it is possible growing out beyond modes of transport and stores. The present and future of payment is certainly contactless, and this is a trend that we expect to see evolve progressively over the coming years.