4 Fintech Mobile Payment Trends to Watch Out for in 2023

Introduction

In this article, we will review 4 exciting trends that we will witness in 2023. Here’s a head’s up. In 2023, the financial sector will witness radical changes. Anything to everything that involves money will change in 2023 alone. Blockchain will dominate the fintech mobile payment trends landscape. 

As long as Fintech products comply with banking guidelines mostly all nations will be open to new tech products that make the financial world easier for their citizens. 

So then, let us begin without any further delay.

1. Neo Banks  

The neo banks were said to be the banks of tomorrow in 2022. In 2023, Neo banks will dominate the banking sector. Each neo-bank will want its own Fintech Mobile Payment Solution to serve their consumer better.   

2. International Payments

Yet again block chain will uncover exciting capabilities for fintech founders to make this happen. Currently making international payments is a licensed business governed by traditional banks. However, since there are limited licenses around the world it results in high transaction charges for everyone who needs to pay internationally. Fintech founders have a really large landscape to play here.

For e.g. Let’s say “A” from the United States wants to pay “B” in India a sum of $ 100. To add to this “B” want to pay “C” in the united states a sum of $ 100. Now in the current scenario, there will be double transaction charges. The money will clearly move from the United States to India and then from India to the United States. Fintech Founders can leverage Blockchain to connect the 3 transactions securely and directly Pay from “A” to “C” with zero transaction charges. 

This guy is just one of the examples. There are tons of opportunities to do a lot more than this. 

That exactly is the reason why the blockchain economy is expected to grow to $ 1.76 Trillion in the next 10 years. 

3. Artificial Intelligence in Fintech Mobile Payments

Fintech mobile payment applications are currently run manually by their users. However, there is a great opportunity of enhancing consumer experiences by automating various aspects of a wallet. For e.g. integrating electricity bills/credit card bills into wallets can commendably reduce late payment charges.

Also, businesses that make numerous payments are looking forward to a Digital wallet solution that integrates with their accounts payable ERP. This can help them make instant payments to the vendors to avail of cash discounts.

4. Fraud Detection

The current fraud detection models in the Fintech Mobile Payment space are way novice. The use of deep tech/ Ai learning models and machine learning can build structures and automatic layers to detect fraud even before it happens. Fintech founders in the valley are focussing on this area. We will definitely see amazing fraud detection capabilities in the mobile payment space in 2023. 

To conclude, a lot of fintech founders have started thinking that the mobile payment space is already cluttered. As a matter of fact, there are a lot of things still in the garages. A lot of innovation and creativity will uncover in 2023.