2023 Digital Payment Trends: How Lama is Perfectly Aligned with the Shifting Payment Landscape
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The payments industry is undergoing rapid development, and the payment landscape of the past is quickly fading away. As consumer demand for greater flexibility and freedom grows, payment services are evolving at an unprecedented pace. This trend is expected to continue throughout 2023, with banks, payment processors, and fintech companies like Lama innovating and pushing boundaries.
Here are the top payment trends in 2023 that will shape how businesses and consumers interact and how Lama is aligned with these changes.
The surge in contactless transactions, which Juniper Research forecasts will reach $10 trillion worldwide by 2027 from $4.6 trillion in 2022, is driven by a societal shift toward cashless payments and advancements in mobile and wearable devices.
Embracing contactless payment solutions has given consumers a quick and highly convenient way to purchase in-store and for services like public transportation. This has caused contactless payments to become the standard rather than an outlier.
The proliferation of contactless-enabled point-of-sale (POS) terminals also plays a crucial role in advancing this trend.
As consumer preferences shift away from traditional payment methods, businesses are adapting by embracing various alternative payment solutions.
One category of alternative methods includes real-time or instant payment services such as account-to-account (A2A) or peer-to-peer (P2P), and request-to-pay (R2P). Digital wallets are also becoming increasingly popular, owing to their direct transaction capabilities.
The rising cost of living partially drives the adoption of digital wallets. According to a 2022
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