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CII BLOG > Blogs > Payment Trends to Watch in 2023

Payment Trends to Watch in 2023

Covid-19 catalysed the speed of digital transformation in the payment world. Learn how charities can embrace these challenges and turn them into opportunities.
27 Jul 2022

Covid-19 catalysed the speed of digital transformation in the payment world. Post-lockdown, the fintech industry has been heavily influenced by the challenges that have been felt across the full spectrum of charities within the sector. This is a short overview of how charities can embrace these challenges, turning them into opportunities to make a difference and benefit more people than ever before. We see this through insights into the upcoming trends for 2023; the acceleration of open banking, competitiveness enhanced with cloud-based solutions, and the increasing tendency to choose alternative payment methods.

Acceleration of Open Banking in 2023

Accepting credit card payments has become a hassle for charities due to the increasing interchange rates in 2023. With the goal of maximising the benefits of each donation, these interchange rates pose a threat to charity operational costs. Fortunately, payment service providers have made it easy to implement and provide open banking solutions to facilitate the transfer of donations while decreasing these transaction costs by more than half. This brings about an incredible opportunity for charities to accept service from payment service providers with ease of integration. Open Banking will provide a less costly process for charities to accept donations with no chargebacks while allowing donors to pay directly from their bank accounts. Charities will be able to allocate more funding, as they are saving on transactional costs, to areas that can make the most difference.

Competitivity enhanced with cloud-based solutions

The rapid increase in digitalisation, as a consequence of the pandemic, will continue its momentum. The need for no-code solutions such as cloud-native will rise. Cloud-native equips organisations to operate scalable applications in modern, dynamic environments such as public, private, and hybrid clouds. And low to no code backends will enable charities to integrate and innovate at a rapid speed. Nofrixion’s MoneyMoov API is easily integrated into your charity’s payment platform allowing automated seamless invoicing and donation management. This relieves the stress of complex payment structures that create red-tape during auditing periods. 

Increasing tendency to choose alternative payment methods

Credit cards’ share of the payment process will decline due to the rise in interchange rates, causing charities to explore alternative solutions such as Open Banking. This move towards a more efficient payment method solves pain points around operational costs, payment tracking, company audits as well as long transaction periods. We are looking forward to the expansion of Open banking and the benefits it will bring to the sector.

Things to look forward to…

The one common denominator among these top fintech trends to watch out for in 2023: they allow businesses to enjoy a frictionless experience. Ultimately, these trends aid businesses in adapting to the ever-evolving payment world. Payments are increasingly becoming embedded into non-financial digital apps and services, with consumers looking for a hyper-connected, automated customer experience. NoFrixion offers businesses cheaper, faster, and more efficient ways to pay in real-time. We replace the traditional banking current account with a software API, enabling direct integration of payments with your core business applications. This obviates the need to use Internet Banking and automates payments and payment notifications.

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