The future of payment technologies is shaping the global economy in unprecedented ways. With the rapid adoption of innovative solutions, cash is no longer king, as digital payments are becoming the norm in everyday transactions.

According to PwC, global cashless transactions are expected to soar by 160% to 240% by 2030. Additionally, a global survey of banking, FinTech, and payment companies revealed that 89% of respondents believe e-commerce will continue its upward trajectory, necessitating significant investments in online payment solutions. Moreover, 97% anticipate a strong shift toward real-time payments.

As payment infrastructures evolve at varying speeds across industries and regions, it’s challenging to define precisely what the future holds. However, analyzing emerging trends and understanding how different sectors adapt provides valuable insights into how payment technologies will advance in the coming years.

Blockchain and Cryptocurrencies

For a long time now, cryptocurrencies have been making waves in the payment industry. In a nutshell, a cryptocurrency is a decentralized currency that uses cryptography to secure transactions. This implies that centralized authorities such as the government or a bank do not control it. The blockchain is the technology and public ledger that records transactions and supports cryptocurrencies.

Because of the decentralized nature of the blockchain and cryptocurrencies, they will play a crucial role in the future of payment technologies. In fact, research indicates that the number of users in the crypto market will hit 107.30 million by 2025. What’s more surprising is that about 15 174 global businesses accept Bitcoin.

Although many merchants are yet to fully accept cryptocurrency as a payment method, some people see it as an investment opportunity and are already embracing it. However, high global acceptance by customers will encourage businesses to accept it more.

Open Banking

Dubbed the current generational technology revolutionizing the banking sector, open banking is vital to the future of payment technologies. Ever since the world went digital, several customers are increasingly performing transactions online.

Open banking allows third parties to access banking data and design platforms that support smooth interaction between payment providers, businesses and consumers. Reports from Statista suggest that the value of global open banking transactions clocked 57 billion USD as of 2023. In addition, the number of open banking users in Europe is projected to reach 63.8 million by 2024.

API is a crucial component of open banking that is usually offered by FinTech providers. Online businesses often use it on their websites and applications to streamline sending, confirming, and clearing payments. Not just that, the number of open API calls reached 102 billion dollars in 2023 and is projected to grow to 580 billion in 2027.

With open banking protocols, customers can have a seamless and enjoyable experience.

Real-time Payment

Real-time payment is an innovative payment technology that will reshape payment processing. With its ability to support instant or near instant debit from the sender account and immediate or near immediate completion into the receiver’s account, real-time payments are mainly operated by central banks or national bankers’ associations, such as the Reserve Bank of Australia.

Statistics show that the value of transactions processed using instant or real-time payment will increase by 289% between 2023 and 2030.

However, with the success of RTP networks such as Brazil’s Central Bank’s RTP system called PIX, it’s evident that RTP systems can accelerate and enhance payment infrastructure all over the world.

Buy Now, Pay Later (BNPL)

Buy Now, Pay Later (BNPL) payment providers are increasingly becoming popular over traditional credit cards or personal loans. This payment processing trend offers immense benefits to customers and merchants.

BNPL allows customers to make easy and seamless instalment payments with minimal or no interest over a long period of time. This helps with cash flow and prevents customers from falling into uncontrollable debt.

With BNPL, merchants can enjoy improved sales because more customers can readily purchase otherwise highly expensive products. Because of this, many merchants are increasingly extending the services of BNPL platforms to their customers. Statistics reveal that in 2024, about 380 million people use BNPL services worldwide. This is estimated to reach 670 million by 2028.

With the numerous benefits and unique payment model of BNPL, it will only become more attractive to customers, gain a more competitive edge, and play a crucial role in the future of payment technologies.

Central Bank Digital Currencies

With over 100 countries worldwide exploring the potential of Central Bank Digital Currencies, CBDC was developed to counter the decentralized blockchain system.

CBDCs are digital currencies based on a nation’s existing fiat currency that is issued by the government. Because CBDC records are stored in the managing institution’s regular database, they do not require blockchain technology.

With benefits such as decreased risk, reduced transaction and third-party charges, as well as streamlining traditional record storage, CBDC has an edge over conventional fiat currency.

Compared to cryptocurrencies, CBDCs are designed to limit shady financial practices. With CBDC’s centralized record storage, the occurrence of tax evasion, money laundering and other fraudulent financial practices are further reduced. This shows why CBDCs are crucial in the future of payment technologies.

Mobile Payment

Mobile payments is a stress-free and straightforward payment method that allows users to make payments for goods and services by scanning a barcode reader with their mobile devices.

Popular examples of mobile payment include Google Pay for Android operating devices and Apple Pay for iOS operating devices.

Technological advancements and changing customer behaviour are behind the rapid growth of mobile payment. In 2023, the worldwide mobile payment was valued at 67.5 billion dollars and is expected to reach $587.52 billion by 2030. As of 2021, there were about 2.8 billion people using mobile payment and is estimated to reach 3.8 billion by 2025.

With the rate at which the mobile payment industry grows, it’s evident that mobile payments will become a top player in the future of payment technologies and create fresh opportunities for companies and payment providers.

Web3 Payments

Despite only recently penetrating the payment processing industry, Web3 payments are already becoming quite popular because of their ease of use, reliability and security.

In simple terms, Web3 payments is a fusion of blockchain technology and real-time payments. This implies that Web3 payments are a real-time payment solution that uses blockchain technology, and allows users to remit funds without requiring the services of any third party.

The high demand and increasing adoption of decentralized financial systems are responsible for the growth of Web3 payments. Statistics show that the Web3 payment solutions market was valued at 12.3 billion USD in 2024 and is projected to reach 300.7 billion USD by 2037.

Embrace The Future of Payment Technologies with DSGPay

With several trends and innovations disrupting the payment industry, it’s safe to assume that the future of payment technologies will be exciting for businesses and consumers alike.

As a licensed and leading payment provider, DSGPay uses industry-leading technologies and state-of-the-art APIs to facilitate hassle-free and cost-friendly cross-border payments across Asia and all over the world.

With DSGPay You Can…

• Handle transactions in global and exotic Asian currencies with ease
• Open business accounts with top banks in Hong Kong, the USA, and Europe.
• Use SWIFT for secure and reliable international transactions.
• Licensed MSO in Hong Kong and by AUSTRAC in Australia
• Rely on DSGPay’s licensed operations in Hong Kong and Australia.

If your business is transacting with the Asian market, DSGPay is the perfect solution. With tailored payment solutions, competitive exchange rates, and seamless transactions, we’re here to help your business succeed in the region.