“Nothing endures but change,” states Heraclitus of Ephesus, the Ancient Greek Pre-Socratic philosopher.
As the world changes continuously, other technologies arise, and our economy gets more convoluted. In this whirlpool, it is expected to witness shifting payment rituals. With the boosted appeal of cryptocurrencies globally and the Covid-19 pandemic that created a vast escalation in online payments, digital payment technologies have become more prominent. Are the new trends limited to digital payments? No!
Although we are bombarded with myriad innovations day by day, deep inside, we can get pretty conservative when the matter is our financials in these times of severe global recession. On the other hand, the revolutionary technologies soothing our day-to-day lives also penetrate our spending practices. We have listed payment trends with the potential and are envisioned to be highly widespread in 2023.
Wearable Payment Devices
Since we live in the age of practicality and swiftness, today, wearables are not only for tracking your steps or checking your heartbeat. You can quickly pay by utilising your wearable gadget without needing to take your credit card from your wallet. Android Pay, Apple Pay and Samsung Pay are currently available, and other Smartwatch companies are also hopping on the trend.
In addition to smartwatches, it is possible to find other forms of wearable devices that are used for payment, such as wristbands. Moreover, wearables come in fashionable styles. So they are not only opportunely and secure, but also chic to fray. They are outstanding alternatives to credit cards and contactless payments using smartphones.
Digital wallets, known as electronic wallets, are financial transaction applications that store payment data and passwords. They enable users to complete their smartphone transactions without credit or debit cards. The contemporary technologies operated by digital wallets are QR codes, Near field communication (NFC), and Magnetic Secure Transmission (MST).
Most people prefer using digital wallets since they present speedy transaction times, protection and amenity. There are a plethora of trustworthy digital wallet opportunities on the market that can make your life much easier. Needless to say, digital wallets look like they can be the most popular digital payment trend in 2023.
Our digital wallet, Jeton Wallet, is one of the most user-oriented e-wallets in the market due to its easy registration and wide selection of flawless payment services. Since Jeton delivers smooth international money transfers in more than 80 fiat and cryptocurrencies in over 100 countries, our services are considered popular worldwide.
Another popular online payment trend this year is crypto wallets. Cryptocurrency wallets are online platforms that enable users to store and manage their cryptocurrency portfolio securely. Unlike physical wallets in our traditional perspective, they do not store coins bodily. These futuristic wallets hold the public and/or private keys for cryptocurrency transactions. Diverse crypto wallets feature various purposes, such as hot and cold wallets. Users can pick a crypto wallet that suits their needs based on their trading habits and objectives.
Contactless payment technology has been around for a long time, and it does not look like it is about to lose its vogue anytime soon. Contactless payment enables consumers to pay for goods and services using a credit, debit card, or another payment device operating RFID technology and NFC.
The account holder simply taps their card or device into the POS device to complete the transaction. It is swifter and more convenient than swiping the card and entering the PIN. Plus, it is much more sanitary when we think of the germs and viruses on these machines’ PIN boards. This technology is also available in wearable payment devices, as we aforementioned above.
BNPL (Buy Now Pay Later)
As the name implies, Buy Now Pay Later is the payment plan that enables users to acquire the product they are purchasing instantly but shelves the payment to a postdate. With the global pandemic, more people started shopping online, and BNPL has become more favoured. This payment system is an installment loan that diverges your total purchase amount into multiple equal payments. This way, users can buy the items when needed and pay for them when they have the finances. It is an excellent payment option for tight budgets and will be a popular payment method in 2023.
In conclusion, in 2023, our spending patterns will be affected by advanced technology whilst we will walk into a shop with no wallet or bag. Considering the comfort of going light through our wearables or NFC payments, we will likely adopt these new ways closer in a blink of an eye. Actually, as all the above payment services are already a part of our everyday lives, it would not be unforeseen to notice even more hassle-free payment methods awaiting us by this time next year.