The payments landscape is ever-evolving and continues to change with the times. 2023 will be no different, as payment trends evolve to meet the demands of customers and retailers alike.
As we move forward in 2023, it’s important to understand what upcoming trends will shape the payments, retail, and digital economies. This article will provide insights into the top 2023 payment trends that are expected to have a significant impact on how we pay for goods and services in the future.
Commerce Platforms and Super Apps Boom
Super apps are just what they sound like – apps that can offer one-stop mobile control over several types of everyday transactions and activities both online and offline. Activity tracking us up by almost 20% since the beginning of 2022.
You see it all around us – people are tracking more than just their steps and heart rate. They’re tracking water intake, daily and hourly spending, loan interest and stock market changes, and so much more.
Because of this super app business model taking hold in consumer spaces, we will see more and more instances of embedded payments being offered. According to a recent PYMNTS article, super apps will be so appealing because they use “data and banking and payments behaviors to align credit and payments options with purchases and give consumers a great deal while preserving their financial and savings goals.”
2023 Payment Trends in Elder Care, Prescription Refills, and Crypto Will Need to be Addressed
There are several big movements in more specific industries and economic sectors, including elder care, prescription refills, and cryptocurrency.
70 million Baby Boomers will be 65 or older by 2030, and this is creating some movement in related sectors, like in-home care start-ups and other elder care solutions that will need to be active as the second-largest living adult generation moves into and through decades of retirement.
When it comes to the prescription refill market, the United States is one of the most medicated countries in the world. With more than 6.5 billion prescriptions refilled in 2021, this sector is one that is increasingly targeted by API innovators and new payments technology.
As far as the cryptocurrency market, what seemed like an unsustainable boom may have finally reached its peak and is scrambling to stabilize after the recent incidents in the industry, coupled with the Silicon Valley Bank failure last month. SVB was a prominent lender to technology startups and cryptocurrency enthusiasts.
Between this event and the “crypto winter of 2022,” the industry has suffered some heavy losses as of late and will likely be fighting this friction as we move through the year.
AI and the Service Industry
Workforce studies for 2022 reported 5.5 million more open retail positions in the U.S. than workers to fill them. Lack of skilled workers across industries, from retail workers to healthcare, will mean more strain on and demand for business growth in these areas.
These areas will have gaps that are filled by AI, digital payments, and other solutions. We are already seeing this happen with the “graying” of the workforce – more and more employees are working remotely, and that means geographic resources become less of a hindrance as AI, remote work, and other tools take out the quantifiable steps in many consumer processes.
That means finding the best doctor isn’t going to mean searching within a specific mile radius of your home or workplace. And retail sales will be more focused on algorithms and trends that help serve their customer in lieu of reaching out to and talking with a human sales representative.
Manual and mundane tasks like payments, data-specific roles, and other repeatable work will be transferred to AI solutions to make up for the worker and population shortages that are set to continue through the next several years.
Industrial Sector Is Going Digital
Industrial industry sectors are looking to upgrade in the next several years, starting in 2023. Organizations in the manufacturing, farming, wholesale trade, construction, and other related industrial sectors are building more online business solutions. This is a big move, as many of these industry sectors are starting from the bottom and creating these new practices for the first time in their operating history.
Traditional, in-person buying practices of all types were quelled during the pandemic, and they’ll likely never go back to the pre-pandemic levels. And with the innovations in payments and AI, even the smallest businesses can partner with forms like ReliaFund to gain access to high-level payment processing without breaking the bank.
2023 Payment Trends – Simplicity
There are tons of payment methods, which makes it hard to know which services are right for your business. ReliaFund offers fully integrated payment processing services. You can keep your payment information organized and simplified in one central location.
ReliaFund works hard to integrate your payments so you don’t have to. We are your one-stop electronic payment solution for:
- ACH payments
- Credit and debit payments
- Check processing
- Online and recurring payments
- Security and Storage
Curious about how our services could benefit you, even as 2023 payment trends come and go? Click the red button at the top of the page for a free analysis.