These are the digital payment trends to take into account in 2023

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The Global Payments Innovation Jury 's 2022 annual report ranked jury members' nominations for “most overrated payments innovation,” which were as follows:

In this sense, the payment trends that will have great relevance in 2023 were presented .

The rise of “Pay with Venmo”
When a company becomes the size of Amazon, it can create trends on its own. In late October 2022, just in time for the holiday shopping season, the leading ecommerce company announced that it would begin accepting Venmo for purchases through its mobile app and on its website.


Financial institutions earn some trading revenue Telegram Number Data when consumers load money from their deposit accounts into their Venmo accounts. In contrast, bank-owned Zelle cannot compete with financial institutions in the debit space.

Debit card preference continues to grow
Personal finance guru Dave Ramsey sells books and more on his website, but you can't pay by credit card. The site explains: “If he has ever listened to The Dave Ramsey Show or read any of his books, he knows that he helps people get out of debt. Credit cards add debt. Debit cards are drawn from your bank account. “They work like cash.”

Ramsey has company in this view. Multiple studies indicate that more Americans are also switching to debit cards, for a number of reasons, one of them being avoiding credit cards.



56.2% of the Q2 2022 study sample preferred debit and 39.5% preferred credit. This was a change from the 2021 study, which found 40.2% favored debit and 54.6% favored credit. 451 Research is part of S&P Global Market Intelligence.

Payments
Buy now, pay later
Many negative headlines have been written about buy now, pay later deals, and while obituaries may be an overreaction, change continues. The Global Payments Innovation Jury report, sponsored in part by the World Bank, summed up the immediate future succinctly:

“The use of BNPL will increase in the short and medium term due to the great benefits for consumers and merchants. However, credit losses are considered likely to increase significantly, and the sector is certain to lose its unregulated status in many major markets. Therefore, rapid expansion is seen as a short-term phenomenon rather than a long-term game changer.