Three Key Trends Driving Payments (2023 Review)

Several long-term trends have accelerated this year and will continue into 2024

The Season For Predictions

It’s that time of the year when many organisations publish their 2023 reviews and their predictions for 2024. (For example, Visa’s is here.) These posts can be valuable, but such annual predictions often tend to reflect the current stage of a hype cycle. What’s hot at that moment. And what many firms have placed their bets on for the coming year. 

In one year, not too much changes, but over a 5-10 year period, a lot can change. Often, the most impactful changes develop gradually over many years rather than burst onto the scene and have an immediate impact. 

One example would be contactless payments, sometimes called tap to pay. The first big push with contactless payments in the UK was in the run-up to the 2012 Olympics in London. At that time, many businesses were sceptical of investing in the technology required to accept contactless payments. Yet in 2022, contactless payments comprised 27% of all payments in the UK. And this will continue to rise.

As an oppos…