Shulou(Shulou.com)11/24 Report--

CTOnews.com, March 14 (Xinhua)-- International data Corporation (IDC) today released a global payment technology 2023 forecast that installment payments will reach 7% of online purchase transactions by 2026 through mobile wallets and the continued promotion and application of pay-as-you-go apps.

▲ source: Pixabay reports that the buy-and-pay (BNPL) market has experienced exponential growth in the past two or three years. Mobile apps are an important driver of BNPL growth and help merchants increase their exposure, and adding the BNPL option to e-wallets also allows consumers to use deferred payment at merchants that are not working with BNPL vendors.

In addition, IDC said that as consumer demand for a variety of payment options increases, 70 per cent of retailers will add at least two new payment options by 2024, such as QR codes, contactless or other alternative payment methods.

According to the data, about 1/3 of the world's retailers have not yet offered contactless payments, and more than half have not yet provided new payment options such as BNPL and QR codes.

CTOnews.com attached IDC Global payment Technology Top Ten Forecasts for 2023:

Driven by technical complexity and the growing number of payment channels, 50% of global banks will use pay-as-a-service to process some or all payments in 2028.

By 2027, the payment cost of enterprise B2B will be reduced by 5% through the integration of real-time network.

Through the mobile wallet and the continuous promotion and application of the buy-and-pay app, installment payments will reach 7% of online purchase transactions by 2026.

Because of the more complex artificial intelligence, the application of deep learning algorithms, fraud will be reduced by about 10% in 2028.

By 2024, based on the rise of demand payment, electronic invoice and real-time payment services, 30% of public banks will provide reconciliation as a service, which will also become a new source of income.

As consumer demand for a variety of payment options increases, by 2024, 70% of retailers will add at least two new payment options, such as QR code, contactless or other alternative payment methods.

By 2026, the global B2B BNPL will reach 500 billion US dollars. Financial technology and BNPL compete with traditional financial institutions to provide working capital loans to small and medium-sized enterprises.

Using the advanced credit issuer processing platform, non-bank brand cards and card-like accounts will account for 3% of the market by 2025.

By 2026, 15% of cross-border payments will be made through blockchain-driven message processing and settlement.

By 2026, more than half of the world's top banks will implement DeFi and cryptocurrency-related business requirements.

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