The payment market continues to evolve and is always in the process of innovation. In recent years, payments with cryptocurrencies have become popular in Brazil, and the Pix, digital wallets and the possibility of a phygital tripthat is, with a hybrid experience between online and offline. In 2023 these trends should undergo improvements and acquire new features, as well as innovations that promise to revolutionize and give even more strength to the sector. Therefore, Adyen, a global financial technology platform, carried out an analysis and listed the main trends in the area for the coming year:
Fusion of online and offline shopping experiences
The wall between a physical store and e-commerce is getting smaller and is likely to disappear. Increasingly, retailers must offer customers a more connected physical experience, without separation between the digital and the face-to-face.
With Unified Commerce, it is possible for retailers to move beyond omnichannel and offer consumers an increasingly hybrid concept between online and physical stores. With the payment center and inventory unified, the merchant can offer a complete shopping experience. This allows, for example, for a customer to buy a product that is not available directly in the store and have it delivered to their home or picked up in another unit. It is even possible to buy something in ecommerce and pick it up or change it in the store.
According to the Retail Report 2022, carried out by Adyen in collaboration with KPMG, hybrid commerce is the main retail trend. Approximately 85% of those surveyed said they are looking for establishments that offer a multi-channel shopping journey. The phygital should grow even more throughout this year.
Growth of digital wallets and QR Code
Electronic wallets, or digital wallets, and cryptocurrencies are here to stay. With apps like Apple Pay or Google Pay, customers can pay with their mobile phone. The practicality of this modality is what most attracts the attention of consumers and has made it so popular. In addition to QR Codes, which began to be used more during the pandemic and continue to this day.
According to PYMNTS, a global organization specializing in data and insights on payment innovation and the connected economy, by 2023 more than 4 billion consumers will pay with digital wallets around the world. The statistics in physical stores stand out: 1 million customers must use this modality for face-to-face purchases, which will correspond to 30% of the receipts in physical establishments.
Pix growth in retail
Released in 2020, Pix is an exclusive means of payment in Brazil. The free and instant transfer conquered the population and it is already the second most used method in electronic commerce, only surpassed by credit cards, according to a study carried out by the consultancy Gmattos.
Also according to the survey, in July of this year, 78% of the stores analyzed offered the payment option via Pix. In 2021, that number was 17%. Instant transfer acceptance is estimated to reach 92% of stores by 2023. Additionally, The Central Bank is developing new types of Pix, such as: Guaranteed Pix, Recurring Pix, International Pix, among others.
Buy now and pay later
This is an installment payment model that should gain a lot of prominence in 2023 in several countries around the world. The concept of BNPL – “Buy now, pay later” may be familiar to Brazilians, after all, buying in installments is already common in the country.
BNPL is a little different from the traditional installment invoice in Brazil, since it brings the possibility of sharing digital purchases and works as a financing, the consumer pays for his purchase through loans. They are generally mediated by fintechs, which provide the service and act as intermediaries between the virtual store and the client. Using Artificial Intelligence technology, the financial company collects customer data and takes the record for approval. The loan must be paid by bank slip as many times as the consumer chooses.
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