The financial technology sector is rapidly evolving, with traditional methods of banking giving way to digital solutions. Here are the biggest fintech trends to watch in 2023 ~
The financial technology sector is rapidly evolving, with traditional methods of banking now being replaced with digital solutions in a bid to make things faster, easier, and more streamlined for both businesses and consumers.
“Hailed as the future of financial spending, virtual cards are the forefront of a revolution in business expenses management,” says Root. “Perhaps the biggest reason why virtual cards are increasing in popularity is because they offer more robust security measures, helping eliminate misuse from hackers and fraudsters.
While traditionally, BNPL services were used to split payments for high-value items, they soon became associated with online fast fashion brands, targeting Gen Z and Millennial shoppers. In recent weeks, BNPL was further criticised after Klarna partnered with fast-food delivery app, Deliveroo, allowing customers to “eat now, pay later”.
Mastercard recently announced it is keen to start rolling out plans to make crypto an “everyday way to pay”. Acting as a bridge between crypto trading platform Paxos and major banks, Mastercard will handle the major roadblocks, including regulatory compliance and finance. The Apple Watch is one wearable that took the world by storm, showcasing an upward trend in 2022. Smart rings are also on the rise, with searches for the revolutionary wearable increasing by 180% globally.
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