Moneycorp: 2023 payment industry predictions (part 1)
January 11, 2021
This is part 2 of 2023 payment industry predictions. This post by The Fintech Times in collaboration with Koen Vanpraet, EMEA CEO of payments fintech Moneycorp, discusses the predictions for the evolution of the payments industry in 2023.
B2B international payments
The convenience in the improved Business-to-customer(B2C) payments experience opened the door for the improvement of business-to-business (B2B) services, especially in the cross-border payments sector in order to match the usefulness and ease of consumer services. As a result of customers asking for faster service and affordability there is also an increasingly high demand for overall cross-border payments.
To meet these rapidly changing demands in 2023, digital payment providers will need to implement more diversity in payment solutions through investment in APIs, with the goal to increase efficiencies in B2B international payments.
This will help payments companies to prepare for the future “bumps” we will see in 2023; macroeconomic fluctuations and potential volatility.
The way to prepare will be to implement more efficient international payments.
B2B payment providers can deliver much-needed support and value for companies as their investment strategies change and supplier chains are reconfigured
Blockchain Technology
Even though 2022 posed many challenges for the blockchain sector, it is still regarded as the future of fintech, as many industry players saw the potential it has, especially in smart contracts and decentralized finance. It is expected that this year we will se a growth in blockchain technology as companies will push boundaries of what is possible through its use.
Smart contracts have strong potential for creating the convenience in B2B international payments that businesses crave
Companies will get creative in order to make them popular and to optimize them for utilization in their cross-border transfer systems.
Surely this year we will see many innovations that utilize blockchain technology as a base.
Recession and Inflation
It is becoming apparent that inflation and recession are rapidly coming towards us this year. The payments and Fintech industries are more closely linked to the economic state of the world than other sections, and as such, it is recommended we keep a close eye on central bank movements. This will lead to decrease in the number of players in the payment space as investors will be more cautious and selective as to which companies they decide to invest in.
Despite all of these upcoming threats, there is an overall positive outlook for the payment industry.
For these companies to prosper, it will be key to have a proper understanding of volatility to make the best of 2023 as we possibly step into a global recession.
It is also suggested these companies enter new markets such as Latin America, Africa and the Middle East before their markets are flooded by other companies.
These challenges will mean companies will have a difficult year, but if they survive it, they will come out stronger on the other side. We will continue to observe the industry as the year progresses.
Want to learn more? Check out The Fintech Time’s full write-up here.
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