Visa has announced the 5 trends of 2023 for digital payments, including retail purchases by travelers, crypto, recommerce and more.
Summary
Visa and the 5 trends for digital payments predicted for 2023
Electronic payments giant, Visa, has announced what it sees as the 5 trends for digital payments predicted for 2023.
First and foremost, the scenario envisions an increasing opening of borders and free movement by people who, for business or pleasure, will thus return to travel. This factor leads Visa to believe that one of the trends in 2023 as digital payments will be precisely dedicated to retail purchases.
In this regard, Visa’s data found that shopping by foreign tourists has fully recovered by 63% in the 500 most visited destinations before the pandemic, a number likely to increase in 2023.
A particular trend for these travelers will also be to make awareness purchases, namely those involving eco-sustainability such as zero-emission airline tickets and more.
Staying with the sustainability theme, recommerce, circular commerce in which renting, recharging, repairing, selling, returning, and redistributing goods enable more sustainable choices, will also be more popular in 2023. It is enough to suggest that already, 69% of consumers would say that they would choose retailers based on recommerce activities.
In this regard, Visa plans more rewards cards for consumers who make sustainable choices and tools that reduce their environmental impact.
Visa: crypto and NFT as next year’s digital payments in vogue
And if we talk about digital payments, we cannot fail to mention the crypto and NFT sector. According to Visa, despite the long “crypto winter,” market players who are “doing well” will continue to do so next year, while less reliable crypto projects will fall.
Not only that, Visa predicts that soon governments, central banks, traditional financial institutions and fintech will continue to focus on programmable currency and payments, whether CBDCs or stablecoins or other tokenized fiat currencies.
In this area, NFTs will also be part of the 2023 trend for digital payments as well, as they are able to realize new use cases that are not just artwork or collectibles.
Visa says more and more B2B companies are making payments online, and 80% of B2B transactions are expected to be digital by 2025
Top crypto cards signed by VISA
Recently, a ranking of 5 Visa cryptocurrency cards was released. These are credit, debit, or linked to specific account cards that allow users to use and manage cryptocurrencies.
Currently, the MCO card and Crypto.com‘s cards are the most popular. In fact, they offer ATM withdrawals for free with contactless payments with up to 8% cashback, which can also be used on other platforms such as Spotify, Netflix, Amazon Prime, Expedia and Airbnb.
Other Visa-enabled crypto companies include Binance, the most popular crypto-exchange on the web, and Revolut, which integrates many crypto-assets into its wallet.
Finally, there’s also Coinbase‘s crypto VISA card, which actually integrates hundreds of crypto assets that can be purchased, many more than Revolut.
