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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.

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Digital Payment Trends in 2023

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  1. www.vihadigitalcommerce.com

  2. About VDC Over 8+ years & 1800+ projects, VDC is a full service ECommerce Web Development & Online Marketing Agency that provides value added services at affordable rates to numerous small, medium & large size of businesses across the world. Deliver 24×7 uptime and responsive digital commerce solutions that allow businesses to offer remote access of their professional offerings VDC is an offshore web development & online marketing center with agile approach of development www.vihadigitalcommerce.com

  3. 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. www.vihadigitalcommerce.com

  4. 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. www.vihadigitalcommerce.com

  5. 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 worldwide—a 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. www.vihadigitalcommerce.com

  6. 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. www.vihadigitalcommerce.com

  7. 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 www.vihadigitalcommerce.com

  8. 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 www.vihadigitalcommerce.com

  9. Read the complete story follow the link below:- Digital Payment Trends in 2023 Read Blog: https://www.vihadigitalcommerce.com/blog/ www.vihadigitalcommerce.com

  10. LET'S GET TOGETHER Start Discussion About Your eCommerce Development & Online Marketing Hassle-free One Stop Solutions, Hire Us! Website: www.vihadigitalcommerce.com Skype: bdo3.magentoguys Email: info@vihadigitalcommerce.com Call: +91 7096620202

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