Money has been gradually digitized for decades, and the electronic transfer of funds is nothing new. But over the last five to ten years, internet technology and e-commerce have made digital payment methods the standard; these trends have sped up dramatically since the pandemic. Gen Z is leading the fray with near-total adoption and use of digital payments.

In 2022, we already saw the emergence of payment SaaS, the adoption of Blockchain Technology, and the evolution of Central Bank Digital Currency. We also saw new payment modes like Buy Now Pay Later, Biometric Authentication, and Biometric Payments and an increase in the use of AI and ML in fraud detection. Now, what should we look out for in 2023?