Il digital payments sector it is constantly evolving. Visa tried to point to i five most important trends that will characterize the sector in the twelve months of 2023. In the field retail stands out the complete recovery of the turismo, which will lead to even more people using their credit card at vacation spots. Still among consumers, the sustainability request. As far as the corporate world is concerned, Visa says it is convinced that i digital payments they will also gain market share in B2B. However, both individuals and businesses will have to be careful of fraud, the spread of which will inevitably grow with the increase in electronic transactions. Lastly, the US credit card issuer focuses on cryptocurrencies.
But let’s see in detail i five trend. “Visa data reveals that the shopping by foreign tourists has fully recovered in 63% of the 500 most visited destinations before the pandemic, a number likely to increase in 2023 – reads the report – Between June and August of this year, it was the average amount spent per traveler abroad also increased on a large scale (+13% compared to the same period of 2019), a figure that concerns both retail and traditional travel categories such as hotels, restaurants and entertainment activities”. Even as the travel recovery and business destinations continue to grow, tourist offers in business-friendly cities will continue, with hotels and travel agencies maintaining higher prices for business travelers and resorting to discounted rates for leisure travelers to compensate for the difference in remaining availability. Considering then that some borders have yet to reopen, in particular the Chinesetravel spending and related retail spending are likely to grow further.
Newfound wanderlust goes hand in hand with one greater demand for sustainability. Consumers are interested in recommerce, i.e. circular commerce in which renting, recharging, repairing, selling, returning and redistributing goods allow them to make more sustainable choices. In fact, 69% of consumers who participated in a recent Visa survey said they want to choose retailers based on recommerce activity: “For the next year, we expect more reward cards for consumers who make sustainable choices and tools that, when planning their projects, help them visualize their impact”, write the Visa experts.
On the business front, Visa estimates that 80% of B2B transactions will be digital by 2025. Digitization of business processes will continue to accelerate B2B transactions and integrated payment offerings beyond paper checks and invoices. Accounts receivable teams are already experiencing the benefits of sending electronic invoices and receiving digital payments. Furthermore, more and more public administrations are making progress in the digitization of payments, both in the form of disbursements to citizens and to and from agencies as customers.
Visa then warns against the frauds that adapt to a “hybrid” world. “More and more people are adopting a “hybrid” lifestyle-work – concludes Visa – Hand in hand, scammers are also evolving and with an ever-increasing number of travelers paying for flights, hotels, food, etc. while traveling, they have more opportunities to access sensitive data. With the rapid recovery of travel, we are likely to see an increase in cross-border fraud. A recent study by Visa found that more than half of travelers (58%) said they were concerned about the possibility of their credit or debit card fraud while traveling.
Finally, as regards the cryptocurrencies Visa expects “a number of less trusted designs to fall out of use, while others based on a measured approach and compliant with new technological development, will continue to generate meaningful web solutions for businesses and consumers. In addition, more and more brands are leveraging NFT technology to create new digital experiences, opening up new use cases in the field of commerce, payments and loyalty. For the coming year, we expect this trend to accelerate, opening up new commerce, payment, rewards and consumer and brand loyalty experiences.”