Digital Payment Trends in 2023

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Digital Payment Trends in 2023

• In today's eCommerce climate, forward-thinking
  companies must stay on top of the latest trends
  in payment methods.
• As we get closer to 2023, Magento 2 store owners
  will significantly shift towards digital wallets,
  payment apps, Buy Now Pay Later (BNPL) services,
  QR codes, loyalty programs, cryptocurrency, and
  bio-metrics and voice-enabled payments.
• Businesses that use these innovative solutions
  will stand out from their competitors in the
  ever-evolving digital shopping environment. Read
  on to know more.
• Payment Method 1 Digital Wallets
• Digital wallets, or e-wallets, are increasingly
  becoming a preferred payment method in eCommerce.
• Statistics from Statista reveal that the total
  number of digital wallet users worldwide could
  reach 4.4 billion by 2025, compared to 2.3
  billion in 2019.
• As such, in 2023, Magento 2 stores will likely
  provide customers with widely adopted digital
  wallets such as PayPal, Apple Pay, Google Pay,
  and Amazon Pay.

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• Payment Method 2 Payment Apps
• Payment applications like Venmo and Cash App are
  quickly revolutionizing how customers send and
  receive money.
• The pymnts.com survey reported a significant
  difference in the use of payment applications,
  with 59 of millennials using one in the last
  year, compared to 34 for Gen Xers and 16 for
  Baby Boomers.
• Popular apps for Magento 2 stores by 2023 include
  Venmo, Cash App, Zelle, and Square Cash.
• Payment Method 3 Buy Now, Pay Later
• Customers can make their purchases now but pay
  over a period of time with no interest charges
  added.
• A recent report by The Insider Intelligence has
  found that the global Buy Now, Pay Later (BNPL)
  market is projected to reach a staggering 143
  billion by 2026. Of the major BNPL providers
  being used in Magento 2 stores worldwide, Klarna,
  Afterpay, Affirm, and QuadPay are predicted to be
  the most popular come 2023.

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• Payment Method 4 QR Codes
• QR codes, two-dimensional barcodes that can be
  scanned using a smartphone, are rapidly gaining
  popularity - particularly with digital payments.
• Juniper Research's report predicts that by 2023,
  QR code payments will have skyrocketed to an
  estimated 2.8 trillion worldwidea jump of 1.5
  trillion from 2020.
• In the upcoming years, merchants running Magento
  2 stores can look forward to popular QR code
  payment options such as Alipay, WeChat Pay, and
  Paytm being available.
• Payment Method 5 Loyalty Programs
• Loyalty programs are driving disruptive changes
  within the digital payments space.
• According to a report by Access, 77 of consumers
  are more likely to choose a retailer that offers
  a loyalty program over one that doesn't.
• Popular loyalty program options for Magento 2
  stores in 2023 include Shopify's Shop Pay,
  PayPal's Rewards, and American Express's Shop
  Small.

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• Payment Method 6 Cryptocurrency
• Cryptocurrencies like Bitcoin and Ethereum are
  becoming increasingly popular in eCommerce.
• By accepting cryptocurrency as a payment method,
  merchants can appeal to a broader audience and
  avoid the fees associated with traditional
  payment methods.
• According to a report by Statista, the number of
  people who own cryptocurrency worldwide is
  expected to amount to 347.70m users by 2027.
• Payment Method 7 Voice Enabled Payments
• Voice-enabled payments are becoming more
  commonplace in eCommerce, especially with the
  rise of assistant technologies like Alexa and
  Siri.
• As we progress into 2023, merchants on Magento 2
  stores can take advantage of popular voice
  payment options like Amazon Pay, Google Pay, and
  Apple Pay.
• These tools facilitate secure payments with their
  respective voice assistants, simplifying the
  checkout process for consumers.

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• Payment Method 8 Near-Field Communications
• Near-Field Communication (NFC) is an advanced
  technology that eliminates the need for customers
  to interact physically with a payment device.
• Undoubtedly, 2023 will see Magento 2 store owners
  reap this technology's full benefits thanks to
  the interoperability between popular platforms
  like Google Pay, Apple Pay, and Samsung Pay.
• Which Payment Option is Best For My Magento
  Commerce Store?
• Magento Commerce offers payment options which
  includes gateways such as PayPal, Stripe,
  Authorize.net, and Braintree and regional payment
  options such as Alipay, iDeal, and Klarna.
• When choosing the best payment gateway for
  Magento Commerce store, there are several factors
  to consider
• Customer preferences
• Fees and transaction costs
• Integration and ease of use
• Security and fraud prevention

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• Conclusion
• Multiple payment options can improve the customer
  experience and increase conversions in your
  Magento Commerce store.
• Consult with Magento Certified Developers at the
  best Magento Development Agency in India, like
  Viha Digital Commerce, to ensure a smooth setup
  and integration of the payment gateway into your
  store

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