5 key trends set to impact commerce and payments in 2023

Physical, digital and virtual worlds are merging. And technology is expanding to meet evolving customer expectations–across all channels. In 2023, we'll see increased innovation and adoption of blockchain, real-time payments and open banking to meet this demand.

• Blockchain: New use cases for blockchain are coming into focus. This decentralized, distributed ledger enables faster payments, powers digital currencies and facilitates peer-to-peer (P2P) payments.
• Real-time payments: New technology, regulatory pressure and customer expectations are fueling the growth of real-time payments. Compared to traditional processing, real-time payments are faster–for consumers and businesses.
• Open banking: Open banking allows third parties direct access to consumers' banking accounts and financial data upon consent from the consumer. This access creates more opportunities for financial innovation.

Read more about these expanding technologies in our 2023 Commerce and Payment Trends Report.

Digital currencies are coming into focus even as the market ebbs and flows for emerging use cases.

Recently, cryptocurrency has been experiencing market volatility, bad actors and scrutiny by regulators, investors and consumers. As a result, we don't expect cryptocurrency to be accepted as a payment type at the point of sale anytime soon. Trust in digital currency systems by all stakeholders, including financial institutions, businesses and governments, will have to be restored before widespread adoption will occur.

Meanwhile, new use cases for digital currency–including central bank digital currencies (CBDCs) and stablecoins–continue to emerge. They have found their footing because of how they meet consumer demand and solve current pain points. These include cross-border payments and remittances, loyalty and rewards and digital wallet integration. These use cases will also need to garner the trust of stakeholders for mainstream adoption to take hold.

Read more about the adoption of digital currencies in our 2023 Commerce and Payment Trends Report.

Consumers already use their finger, face or iris to unlock their smartphones or speed through airport security. That's biometrics in action. And now, consumers can use biometrics to authenticate payment transactions. Companies are building solutions to authenticate payments using several unique biometric markers. This trend is gaining traction, and we expect wider adoption in 2023.

"People want faster payments or don't want to think about payments at all anymore—biometrics is a really easy way for us to do that."

Shelley Joyce
Chief of Merchant Acquiring Technologies,
Global Payments

Read more about biometrics in our 2023 Commerce and Payment Trends Report.

A growing phenomenon, the metaverse offers businesses new opportunities. Early adopters are creating immersive experiences that will deepen their relationships with consumers. The metaverse also creates a new channel for commerce. We expect two models to drive commerce initially:

• Direct-to-avatar (D2A) commerce: When you enter the metaverse, you create an avatar–a virtual you. Businesses can then sell virtual products like clothing to your avatar.
• Virtual-to-physical commerce: Consumers can buy products while in the metaverse, then exchange them for physical products in the real world.

Just as they move effortlessly from the physical to the virtual worlds and back again, consumers will expect a seamless, integrated payment experience. Think of it as an extension of card-not-present commerce.

“The metaverse is part of omnichannel commerce. It's just another channel, and we do payments across all channels.”

Vince Lombardo
President, US Merchant Solutions,
Global Payments

We help you navigate the metaverse in our 2023 Commerce and Payment Trends Report.

Are you ready to expand into new channels, reach more customers and grow your business? With expert guidance from interviews with top industry experts, data from businesses and issuers worldwide and our extensive secondary research—we bring you the insights you need to succeed in 2023—and beyond.

Download our 2023 Commerce and Payment Trends Report today.