Global Payment Innovation Trends 2023: In-Car and Voice-Based Payments Set to Reshape Industry Conventions

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Jun 30, 2023, 06:00 ET

DUBLIN, June 30, 2023 /PRNewswire/ -- The "Global Payment Innovation Trends 2023" report has been added to ResearchAndMarkets.com's offering.

Innovative payment trends such as virtual cards, embedded finance, as well as biometric payments are forecasted to surge in the next few years.

Embedded payment methods and instant payments are steadily gaining momentum as preferred payment methods

The outbreak of the Covid-19 pandemic led to a shift in the way consumers and businesses globally made payments, increasing the dependence on newer payment methods such as BNPL, one-click payments, as well as real-time payments. Convenience and speed of transactions enabled by the various payment methods that fall under the umbrella of embedded finance have benefited both consumers and businesses.

The market size of embedded finance is forecasted to see a double-digit CAGR from 2021 through 2026, reaching billions of euros by 2026, as stated in the report. However, more than half of surveyed respondents globally expressed concerns about being charged the wrong amount when using embedded finance solutions, and some respondents indicated having limited knowledge about the concept as of April 2022. The growth of instant payments has also accelerated due to the shift toward digital payment methods. The market size of real-time payments is projected to see a double-digit CAGR from 2022 through 2028, reaching billions of euros by 2028. Large firms are modernizing their payment ecosystems to streamline instant transfers.

As of July 2022, close to three-quarters of firms globally using real-time payment systems regarded their capabilities as highly important. In the U.S., instant payments are expected to see a double-digit CAGR between 2022 and 2026, with more than half of surveyed financial professionals identifying improved customer and vendor experience as the main benefit of the instant payment system.

Despite the growth of instant payments, more than half of surveyed financial professionals in the U.S. identified a lack of skills and priority given to other initiatives as the main challenges hindering instant payments as of June 2022.

In Europe, the launch of SEPA has led to a change in payment infrastructure, enabling the smooth functioning of credit transfers and direct debits in the EU. The adoption and usage of SEPA Instant varied across nations, with Luxembourg, Malta, and Italy having the highest share of respondents claiming access to SEPA Instant, while Greece had the lowest share, as per the yStats.com report.

Innovative consumer trends such as virtual cards, in-car payments, and voice-based payments are set to change the conventional nature of the payment market

With the number of connected vehicles in service globally on the rise and forecasted to witness a double-digit CAGR between 2023 and 2027, the demand for car-based payments among consumers and businesses is increasing. The number of in-car payments globally is forecasted to exceed one billion by 2026, according to data cited in the publication. Stakeholders within the payment industry and OEMs are collaborating to expand the scope of in-car payments, including partnerships such as Visa and Mercedes.

Virtual cards are another technology trend that has gained consumer appeal. The market size of virtual cards is forecasted to witness a double-digit CAGR between 2022 and 2026, reaching a value in the trillions of euros by 2026, while the number of virtual card transactions is projected to reach billions by 2027. Although more than one-third of online shoppers claimed to know about virtual cards but had never used them, the share of online shoppers who claimed to know and have used virtual cards was less than one-third as of Q4 2021.

Countries Covered:

USA, Canada, UK, Germany, China, India, South Korea.

Questions Covered in the Report:

  • What is the forecasted value of the embedded finance market globally by 2026?
  • What is the estimated share of businesses worldwide planning to set up their presence in the metaverse by 2023?
  • What is the forecasted total value of real-time payments globally by 2028?
  • Which countries ranked the highest in terms of retail CBDC index as of April 2022?
  • What is the forecasted value of the virtual card market globally by 2026?

Key Topics Covered:

1. Management Summary

2. Embedded Finance

3. Payments in Metaverse

4. Biometric Payments

4.1. Global

4.2. USA

4.3. UK

4.4. Germany

4.5. Asia-Pacific

4.5.1. Regional

5. In-Car Payments

5.1. Global

  • Overview of In-Car Payments, February 2023
  • Number of Connected Vehicles in Services, in millions, 2023e & 2027f
  • Share of Potential Users Who Believe In-Car Payment to Be Key Competitive Advantage of Manufacturers, by Selected Countries, in %, February 2022

5.2. China

6. Real-Time Payments

6.1. Global

  • Real-Time Payment Market Overview and Developments, January 2023
  • Share of Large Firms Using Real-Time Payments and That Consider the Capability Highly Important, in %, July 2022
  • Share of Companies That Plan to Expand Their RTP Capabilities in the Next 12 Months or Are Already Doing So, in %, July 2022
  • Share of Companies Viewing Real-Time Payments As Important for Receiving Payments, by Revenue, in %, July 2022

6.2. USA

6.3. Canada

6.4. Europe

6.4.1. Regional

6.4.2. UK

6.4.3. Germany

6.5. Asia-Pacific

6.5.1. China

6.5.2. India

6.5.3. South Korea

7. Central Bank Digital Currency

7.1. Global

  • Overview of Central Bank Digital Currencies, February 2023
  • Share of Central Banks Engaging in Work Related to Central Bank Digital Currencies, in % of Central Banks, 2019-2021
  • Top 10 Retail CBDC Projects in Terms of Retail CBDC Index, by Countries, in Absolute Numbers, April 2022
  • Top 10 Wholesale CBDC Projects in Terms of Wholesale CBDC Index, by Countries, in Absolute Numbers, April 2022
  • Share of Progress Status of the CBDC Projects Across 114 Countries, in % of CBDC Projects, December 2022
  • Top Characteristics That CBDC and Existing Payment Instruments Have in Common, 2022
  • Share of Developed Countries Exploring the Concept of CBDC, in %, 2022e
  • Share of Developing Countries Exploring the Concept of CBDC, in %, 2022e

8. Voice-based Payments

8.1. Global

  • Overview of Voice-Based Payments Market, February 2023

8.2. USA

9. Virtual Cards

9.1. Global

  • Overview of Virtual Cards Market, May 2023 (1 of 2)
  • Overview of Virtual Cards Market, May 2023 (2 of 2)
  • Virtual Cards Market Size, in USD trillion, 2022 & 2026f
  • Number of Virtual Card Transactions via Mobile Payment Methods, in billions, 2022 & 2027f
  • Breakdown of Online Shoppers Who Heard or Used Virtual Cards While Shopping Online, in %, Q4 2021
  • Breakdown of Finance Leaders Who Have Refused Payments From a Customer Using Virtual Cards, in %, October 2022
  • Top Benefits of Using Virtual Cards Among Finance Leaders, in % of Finance Leaders, October 2022
  • Top Obstacles While Introducing Virtual Cards as per Finance Leaders, in % of Finance Leaders, October 2022

9.2. USA

9.3. Germany

9.4. Asia-Pacific

9.4.1. Regional

10. Request to pay

10.1. Global

  • Overview of Request to Pay Market, May 2023
  • Share of Industry Stakeholders Who View Request to Pay as a Good Alternative to Direct Debits, in %, 2021
  • Share of Industry Stakeholders Who Expect Request to Pay to Reduce Merchant Dependency on Payment Cards, in %, 2021
  • Share of Industry Stakeholders Who Believe Bank Readiness to Be the Key Roadblock Impacting the Adoption of Request to Pay, in %, 2021
  • Share of Industry Stakeholders Who Saw the Highest Demand for Request to Pay Services from Large Corporate Companies, in %, 2021

10.2. Europe

10.2.1. Regional

10.3. Asia-Pacific

10.3.1. Regional

A selection of companies mentioned in this report includes

  • Amazon
  • American Express
  • Apple Pay
  • Fargo
  • Finextra
  • Google Pay
  • J.P Morgan
  • Mastercard
  • Paypal
  • VISA
  • Venmo
  • Wells

For more information about this report visit https://www.researchandmarkets.com/r/k4yzp1

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