Sun. Apr 21st, 2024

The payment giant Visa (NYSE:V) has revealed what it believes to be the top five payment trends for the future from 2023, including its predictions for Web3, NFT usage, and cryptocurrency. The material delivered to the press, this Wednesday (4), is based on the Fintech Nexus LatAm 2022. The event took place in Miami on December 13 and 14. The study reveals the five global trends with respect to future of money movement that will change the payment and commerce spaces. The forecast is that in the next 5 to 7 years the world will see impacts on the dynamics of banking transactions, purchases and movement of funds in the rapidly changing digital age.

Cryptocurrencies and Web3 Named Among Visa’s Top 5 Trends for the Future of Payments

According to Visa, the first big trend for payments is in the interoperability. Word is the key to seamlessly integrated and flexible fund movement experiences. In the future, for example, cryptocurrencies, CBDCs, Big Tech payment methods, among other digital solutions, must be easily available to the population, at the risk of losing space. The second trend revealed involves the use of a digital identity. The technology will no doubt be powered by open data and reduce the need for third parties to trust the ecosystem. Therefore, it tends to create opportunities for more secure payments. Third, Visa believes that the data preponderance should influence future payment methods. With this, brands will be able to create personalized offers, knowing the consumption data of their customers. In the penultimate trend, the study indicated that Web3, Metaverse and other innovative technologies will enable new ways of exchanging value. This is because with the rise of immersive digital experiences and the commerce of digital products, experiences are already a reality. Finally, new business models they must give greater financial autonomy to the new segments. For Visa, companies that provide modern digital payments need to stand out from the rest.

The year 2023 is presented with a reality in which “money takes new forms,” ​​says a Visa executive

In a survey carried out by the Visa Innovation Center in Latin America and the Caribbean, more than 100 macroeconomic, geopolitical, behavioral and technological trends were analyzed and interviews with experts. For Romina Seltzer, Head of Product and Innovation at Visa Latin America and the Caribbean, the company’s study sought to identify the future of money, payments and security.

“As 2023 approaches, the world approaches a tipping point where money, payments and security take new forms – forms that will fundamentally change the nature of commerce and finance and have major implications for consumers. , companies, banks and governments around the world. The five trends presented today point to a more fluid, invisible and open value exchange ecosystem that will truly unleash the power of digital money for society and humans.”

In a note to Criptoinforme, Vanesa Meyer, Visa’s Head of Innovation for the Americas, recalled that the forecasts for 2023 are part of an ecosystem, part of the future of digital commerce.

“Visa is the trusted global leader in digital payment technology, and as such, we have a unique and broad perspective on the evolution of payments. These scenarios represent our roadmap for the future of digital commerce and the movement of money. All these trends are interconnected and are part of an ecosystem of possibilities where changing a single element affects the entire network. The trends identified represent driving forces that we believe will determine the direction of the world of payments innovation for years to come.”

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By Farwa Raza

Farwa Raza is a writer who specializes in news articles. She has been writing on wttspod.com for over one years, and during that time she has written over 100+ articles on various topics ranging from politics to entertainment. Her goal as an author is to provide readers with the latest news stories while also providing her own opinion on them.