Developing trends for 2023 :
1 . Big Data : While not new , it will play more of a role in the payments space in terms of the Big Data that emanates from a financial transaction . Depending on the type of transaction , we will reach a point where it will be possible to determine what kind of mood a person is in when they perform that transaction , illustrating the opportunities for financial services providers to get to know their customers on a personal level .
2 . Connecting people through payments : Payments will become more like social media , and more people will connect through transactions which will become additional opportunities to gather more insight on these connections , simply by virtue of there being more data in a digital connection than a face-to-face connection .
3 . Shifting perceptions on digital wallets : With card penetration on the rise , African and emerging markets are still expecting to see a massive increase in mobile and digital wallets as well as virtual card adoption . The payments space is in a race to zero cost , paving the way for embedding value-added services to consumer wallets and applications . While developed markets remain heavily carded , emerging economies are embracing wallets which are expected to experience the fastest growth in revenues , particularly in countries like Egypt , Morocco and South Africa . The role of FinTechs will be to surprise and delight with innovative payment experiences , bringing products or functionality to market that boosts competitiveness .
4 . Embedded Finance : This will continue to be a major trend in 2023 , bringing payments and transactions together where they should be . It is these seamless , convenient experiences that will rapidly reshape the banking , business and FinTech landscapes , enabling the integration of previouslyunrelated industries , and producing new opportunities for revenue growth , while vastly improving customer experience .
5 . Enabling eco-awareness through transactions : Banks have started to offer products that allow consumers to track their environmental impact based on payment information . While the environmental impact is not predominantly being tracked in the payments landscape , it will play a bigger role in the coming years .
6 . Blockchain and cryptocurrency : Will come into the limelight as we clarify how FinTechs will monetise those rails and how governments and regulators will work with FinTechs to deregulate those environments , given their potential to rapidly launch payment products applicable in multiple countries simultaneously .
Expanding the horizons of possibility
Ukheshe ’ s mission is to transform the lives of individuals by facilitating access to critical financial products and services that support the growth and prosperity of communities globally . We have made great progress in recent years , growing our footprint and expanding our reach across Africa . We look forward to delivering payment technology that changes lives and uplifts emerging markets and support communities where payment solutions have the power to make the biggest impact . x www . intelligentcxo . com