2023 Predictions

2023 Predictions

The payments industry is ever-changing and hard to predict, but what can be expected for payments in 2023?

Buy Now Pay Later

One of the biggest trends of 2022 has been the rise of Buy Now Pay Later (BNPL) schemes, and this looks set to continue into the new year. BNPL allows consumers to purchase goods without having to put down a deposit upfront. Instead, consumers can pay instalments or interest on the balance until they decide to settle.

More Merchants than ever are beginning to offer Buy Now Pay Later as a payment method. Schemes such as PayPal Credit provides security for the business, whilst also offering flexibility to the consumer. The scheme allows consumers to spread out the payments over a number of months, meaning they don’t have to pay back all the debts at once.

However, these types of schemes aren’t always suitable for everyone. It is important for consumers to seek advice before agreeing to a scheme. If a consumer is in financial difficulties, then a Buy Now Pay Later scheme may not be a suitable option due to potential interest on top of the full amount owed.

Cybersecurity with Kount

Merchants need to provide payment security so customers have peace of mind that their data is secure. It is the Merchant’s responsibility to keep the purchasing process and online payment under control to help reduce the risk of fraud. All this may seem quite daunting, but don’t worry – there are steps you can take to ensure your business has payment security.

With Cardstream, Kount Command is simple to implement and delivers accurate fraud protection. The award-winning solution reduces digital payments fraud, prevents chargebacks, and allows businesses to personalise customer experiences.

Kount’s comprehensive platform allows you to:

• Prevent Criminal and Friendly Fraud Chargebacks
• Reduce False Positives and Manuel Reviews in Fraud Detection
• Stop Account Takeover and Bot Attacks
• Increase Approval Rates and Conversions

Cross Border Payments

As Dynamic Currency Conversion (DCC) becomes more commonplace, we are expecting to see a rise in cross border payments.

There are many benefits to a Merchant offering Dynamic Currency Conversion payments. Benefits include:

• Improved Customer Experience – International customers are able to pay in their local currency and know exactly how much they are paying.
• Fully Transparent Costs – Cardholders that use DCC to make payments can see exchange rates and avoid international bank fees.
• Potential to Gain Income – Because of the exchange rate markup, Merchants have the potential to gain added income.

To learn more about how Cardstream can help you maximise your payments, click here for more information.

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