In 2022, we already saw the emergence of payment SaaS, the adoption of Blockchain Technology, and the evolution of Central Bank Digital Currency. We also saw new payment modes like Buy Now Pay Later, Biometric Authentication, and Biometric Payments and an increase in the use of AI and ML in fraud detection.<\/p>\n
Now, what should we look out for in 2023?<\/p>\n
The evolving trends in payments so far clearly show that the first thing in every innovation focuses on enhancing customer convenience and transaction security. The most used payment means will be the most convenient and secure.<\/p>\n
Solutions to customers’ problems will be the payment trends to look forward to in 2023. The most common issues are as follows:<\/p>\n
Let us see the solutions we already have or can have against each of the above problems.<\/p>\n
Solutions to the issue of having and carrying multiple cards and remembering the PIN and CVV of the cards:<\/strong><\/p>\n Considering the above, will digital platforms and wallets finish off debit and credit cards?<\/strong> No, digital platforms and wallets may not finish off physical cards, as cash transactions have not ended with the growth of card transactions. However, with the increase of digital platform payments, payments using direct physical cards will decrease. However, since cards are being accepted on digital platforms, it will benefit the business of both digital platforms and cards.<\/p>\n Regulators are and will be encouraging other convenient payments at merchants, different payment channels like ATMs, feature phones, innovations across cross-border payments, stock markets, etc. With this approach, the regulators will reduce the monopoly of existing brands. Thereby, whether the monopoly of payment players like Visa, Mastercard, and NPCI will decrease is a question, regulators have opened up the platform to the FinTech and other entities for healthy competition, innovations, and unique solutions to provide more resilient and utility solutions to customers that will address current system pain points and issues.<\/p>\n Solutions to the issue in payment when and where there is no network connectivity:<\/strong><\/p>\n Crunchfish AB\u202fhas\u202falready developed a secure payment system protocol that can allow a user to make a digital payment in Central Bank Digital Currency (CBDC) while both the sender and receiver are temporarily offline.<\/p>\n Solutions to the ever-evolving new means of fraud:<\/strong><\/p>\n Beginning of this year itself, Papara, the market-leading Turkish fintech, launched its Voice Card, the world’s first debit card enabling swift and easy transactions and payments for visually impaired users by audio technology. Papara’s Voice Card must be linked to the Papara app on a user’s mobile phone. Once inserted at a Voice Card POS payment terminal, the user will hear the amount due to be paid on their phone. Visually impaired users can use the debit card without any external assistance, allowing them to manage their finances safely and independently for the first time.<\/p>\n Conclusion<\/strong><\/p>\n A unified digital platform is (1) where a person can pay instantly or schedule future payments, (2) using any type of card present in their digital wallet, (3) to any contact or phone number, (4) in online or offline mode, (5) using their unique identifier, through a transparent and secure technology.<\/p>\n Cash, card, cheque, and other various means of payment will exist parallel to any form of digital payment, but their number will decrease with the advent of new forms and means of digital payments.<\/p>\n Cigniti Technologies is a global leader in providing AI-driven, IP-led strategic digital assurance<\/a>, software quality engineering, software testing, automation, and consulting services. Cigniti has successfully delivered services for nearly 20 years, implementing its Test Center of Excellence, delivering Managed Testing Services, and providing end-to-end\u202fBanking, Financial Services, and Insurance (BFSI)\u202fautomation and testing services for leading companies in the BFSI industry across multiple geographies.<\/p>\n As the frontrunners of technology advancement, we help leading global enterprises, including Fortune 500 & Global 2000\u202facross 23 countries, leapfrog their digital transformation journey and propel them to expand their digital horizons.<\/p>\n\n
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