Hello everyone, I'm Aude Vicaire and I welcome you to Instant Paiement, as well as a happy 2023!
The year 2022 was filled with news and developments in the payment sector. With the entry of new players in the market and the introduction of new technologies and solutions, we were able to discover things that, I hope, seemed very interesting to you.
But the year 2023 also promises exciting topics, 5 of which I will discuss with you today.
THE RISE OF SOFTPOS
Firstly: The rise of SoftPOS. Indeed, the arrival of the new MPoC standard, a standard that complements existing norms for digital payment solutions for acceptance, will undoubtedly encourage the widespread adoption of this technology. This is due to the framing of new use cases such as offline mode (for example, on trains when network connection is lost) and the ability to process large volumes of transactions. With Apple's entry into Europe, which is expected to continue its deployment after the United States rollout, 2023 is poised to be a turning point for this technology!
BNPL (BUY NOW PAY LATER)
Secondly: The future of BNPL (Buy Now Pay Later). After years of strong growth in Buy Now Pay Later, some cautionary signals emerged in the second half of 2022. Calls for increased regulation, coming especially from the United Kingdom and also from France, along with the slowdown experienced by major players like Klarna and the resurgence of interest rates, could lead to the consolidation of certain players this year. So, this is something to watch out for!
CASH PAYMENTS
Thirdly: The decline of cash payments. In 2021, card transactions became the number one choice in terms of transaction numbers in France. We don't have the 2022 figures yet, but it's highly likely that this trend will continue. Also, in 2021, the card fraud rate was the lowest ever recorded, at 0.059%. Undoubtedly, this is thanks to PSD2 (Payment Services Directive 2) and the widespread use of strong authentication. Nordic countries are even more advanced in this regard and are moving towards a completely cashless society. In France, cash payment is the only method that cannot be refused by a merchant, even though cards remain a favored payment method among the French. Meanwhile, checks continue to hold the record for the most fraud-prone payment method. So, stay tuned for payment trends this year.
QR CODE PAYMENTS
Fourthly: QR Code payment solutions. This is a new payment experience that is very popular in China, for example, and is making its way to France. You might have already paid in a restaurant by scanning the QR code on your table and settled the bill without waiting for someone to be available to process your payment. Moreover, for restaurateurs, it's a way to avoid having multiple POS terminals. This is something to watch out for this year, especially when combined with simplified transfers.
DIGITAL EURO
Finally, in fifth place, the digital euro. We have previously discussed cryptocurrencies and the European project to create a Central Bank Digital Currency in a previous episode. This is worth following this year as the European Union is currently working on the topic. A study phase that began in October 2021 and is set to conclude at the end of 2023 will determine whether the ECB (European Central Bank) will launch the creation of a central bank digital currency. There is currently a noticeable lack of trust in cryptocurrencies, so 2023 will show how this evolves, which players position themselves, and how connections with payments will be established.
And that's it for Instant Payment.
Next month, I will talk to you about flash sales and which payment solution to adopt for that use case.
Until then, feel free to share in the comments what you think the payment trends in 2023 will be. For more information about Market Pay and our products, visit our website and follow us on social media.
See you soon!
