Payments Trends in 2023: Economic Downturn Results
It’s no surprise that the economy has seen a downturn, making it difficult for the FinTech world. Today, we’re seeing tremendous obstacles for businesses to instill growth and prosperity in the market – but will this be forever? A slowing economy may feel ceaseless, but recessions are typically short and follow long periods of economic stability.
As we are heading into 2023, companies will be looking to invest into more technology and optimize digitized practices to bring into their business.
Trends to Watch Out for in 2023
Wallet Tech Development
Digital wallets have been an upward trend for most products in 2022, with more companies seeing urgency in speeding up processes. This has instilled the removal of pointless delays at all points of the market.
Corporations are always looking to make payments easier for customers. Digital wallets have been relevant in everyday lives, but we’re expecting to see them expand even further in 2023. Digital wallets have made their way into the B2B sector and are being adopted by small businesses and suppliers everywhere.
A Payments Company Changing the game
Flume
The first digital platform for health plan administration. This company is digital checks allowing rapid and low cost of payments to suppliers. Flume is enabling payers to launch incredible new health plans that save money and drive better outcomes.
Sustainability in Payments
We’ve mentioned before the rise of sustainable payments before, expect to see even more of it in 2023! Paperless, digitized, task-automated systems will make for more environmentally friendly practices and used in more businesses worldwide.
A Sustainable Payments company to watch
TreeCard
TreeCardTreeCard has built a debit card that puts 80% of profits directly to responsible reforestation. The company is on a mission to build an ecosystem of responsible alternatives to everyday services like banking and internet search.
Upward on Crypto
Admittedly, 2022 was not the best year for the crypto market, Bitcoin and Ethereum are down more than 50% from their all-time highs in late 2021. However, the blockchain world is still widely recognized as a valuable form of currency.
Ethereum has been able to come up with a solution designed to cut cryptocurrency energy by 99%. This makes crypto not only more sustainable, but also cost-effective. Many experts believe that this will help the value of blockchain increase in 2023.
One Company We’re Keeping on our Radar
Finnt
Using a decentralized network to allow users to create savings accounts that yield a high rate of return, Finnt’s able to back stablecoins that protect account holders against inflation. The company has the potential to become the prime money transfer app of choice!
AI and SaaS Evolution
Artificial intelligence has been significant to the impact on human civilization. The tool has helped many businesses to bring in new revenue. Digital payments have the usage of AI upon them in 2023.
AI could best be used in payments to help businesses determine how to pay their suppliers or used to enhance customer service and expand on market research. This will be a key tool used for so many companies to drive innovation through technology.
AI Powered Payments Companies to Watch
Pelican AI
Pelican AI brings together the best minds in artificial intelligence, financial crime compliance, and real-time payment processing to create better performing, effective solutions for banks, FinTechs and corporates
Recruitment in Payments
We’ve seen an uproar of payments companies looking for ways to differentiate themselves, while simultaneously looking to become part of the technology solution. Finding top talent is at the utmost importance for FinTech startups, to ensure they bring their A-game to the payments world.
From electronic bank transfers and mobile payments to buying now pay later, we connect payments startups and scale-ups with mid-level, senior, and executive professionals. Get in touch with one of our specialized consultants today if you’re searching for senior, mission-driven talent to lead your Payments firm.
Why Storm2?
The Payments Industry isn’t slowing down, and many companies are changing the game every day. We strive to connect disruptive FinTech companies to top FinTech talents to help companies scale. We connect experienced professionals that can help scale and build the next FinTech app that will disrupt the industry and improve consumers’ financial well-being. Contact us now to find out how we can support you and your startup to success.
