In 2022, digital payments surpassed traditional payment methods, with an increase in usage to 89%. This trend is expected to continue into 2023, as more consumers look for convenient and secure ways to make purchases. As a business owner, understanding digital payment trends can help position your business for success and meet changing consumer demands.
Payment gateways are becoming increasingly popular as ecommerce continues to grow. They act as a middleman between consumers and businesses, simplifying the payment process and allowing for quicker collection of funds. Contactless payments, such as digital wallets and payment apps, provide convenience, speed, and accessibility for consumers, especially younger audiences. Buy Now, Pay Later (BNPL) allows for short-term financing, giving customers the option to spread payments over a defined timeframe. Variable Recurring Payments (VRPs) facilitate transactions on behalf of a customer to an authorized payment provider and offer a competitive edge for businesses.
To appeal to a wider customer base and promote cash flow, businesses should consider offering these digital payment options. Optimizing payment gateways with providers like exactly can streamline technologies, leverage flexible management, and benefit from various reporting solutions. By adopting digital payment methods and partnering with financial institutions or other providers that offer open banking, businesses can position themselves for digital payment success going into 2023.
