From bartering resources to digital transactions, the evolution of payment methods is a fascinating journey. Currently, we’re at a stage where the physical exchange of money is almost obsolete. Payments are now digital, and the only ‘money’ we see are numbers on a screen. But what does the future hold? What are the nine key digital payment trends that are dominating 2023?

  1. The rise of biometric authentication – The dawn of biometric authentication has paved the way for advancements in digital payment security. This method relies on unique physical or behavioural traits such as fingerprints or facial recognition patterns to verify user identities.
  • The shift to EMV payments – The era of copying and signing cards for payment authorisation is a thing of the past, thanks to EMV payment technology. EMV, standing for Europay, Mastercard, and Visa, has set the global standard for secure transactions. The technology uses chip-enabled payment cards, generating unique transaction codes that are practically impossible to replicate.
  • Embracing Mobile Point of Sale (mPOS) – This technology enables merchants to use mobile devices like smartphones or tablets as portable payment terminals, providing the flexibility to accept payments anywhere, anytime. With integrated card readers or NFC technology, mPOS ensures the secure processing of credit or debit cards and contactless payments.
  • Utilising eWallets – eWallets, such as PayPal, Skrill, and Neteller, offer a secure platform for digital transactions. They support various payment methods, including credit and debit cards, bank transfers, and cryptocurrencies, that reduce the need for manual financial data entry.
  • Voice-activated payments – Voice-activated payments have revolutionised the financial scene by allowing transactions through voice commands via smart speakers. Linking payment accounts to devices like Amazon Echo or Google Home enables you to perform a variety of actions – checking balances, making purchases, or transferring funds, all by simply uttering commands to your device.
  • The simplicity of tap-and-go – Tap-and-Go payments, often referred to as contactless payments, have become a daily staple, simplifying transactions dramatically. A quick tap of your compatible card, smartphone, or wearable device against a contactless terminal, and the transaction is complete. These payments leverage radio frequency identification (RFID) or near-field communication (NFC) technology, which ensures seamless and secure transactions.

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