Solutions ⌵
SOLUTIONS
Full Stack Icon
Full Stack Payments
Fraud protection icon
Online Payment Gateway
INDUSTRIES
Product icon
Mobility
Product icon
Hospitality
Product icon
Finance
Products ⌵
PAYMENTS
Full Stack Icon
Online Payments
PRODUCTS
Product icon
Payment Links
Product icon
Fraud prevention
Product icon
Reporting
Product icon
Authentication
Developers ⌵
Online payments icon
Developers

Integrate and update your payments.

Documentation

Mobile SDK
Web SDK
Upgrade to 3D Secure 2
Sandbox testing

Developer Hub

Explore Hub
Engineering blogs
Comms archive
Online payments icon
Support Centre
Online payments icon
API reference
Online payments icon
Changelog
Online payments icon
Status Page
Company ⌵
AboutCustomersBlogCareers
PartnersPricingApply for sandboxPortal loginGet in touch
Log inGet in touch

Top 3 payment predictions for 2023

2022 was a rollercoaster for businesses and consumers alike. In what I think we all predicted would be 12 months to recover and find our bearings, we found ourselves in a cost-of-living crisis that we’re still very much in the grasp of.

As we tackle a downturn in the economy and look for cost-cutting opportunities this will hopefully be the year of stability and maybe even growth, for many of us. 

While there are several topics that will likely dominate the next 12 months (open banking, crypto, cross-border payments, CBDC to name a few) I wanted to focus on 3 areas I think will have the biggest impact on merchants this year…

‍

1. Reduction in fraud for online payments

Thanks to the adoption of 3DS2 protocols from last year, we’re already seeing a huge reduction in fraud for online payments. Most consumers will have already noticed an extra step when buying online, such as approving the payment via their online banking app. This extra layer of security is a huge step forward in fighting online fraud. 

The next step now? Making these payment flows as frictionless as possible. 

In some cases consumers are still getting used to this extra step, which can lead to higher levels of abandonment. This will inevitably reduce over time, as flows continue to improve and consumers simply get used to this update when buying online.

This year merchants and payment players need to work together to ensure they’re offering the best payment flows for consumers, with a focus on minimising friction and keeping checkout abandonment as low as possible.

‍

2. Buy Now Pay Later usage to soar

A Forbes article from the end of 2022, stated that 70% of BNPL users are now using this means of paying due to the cost-of-living crisis. With flexible payment options and interest-free credits it’s not a huge surprise that many consumers are turning to this solution for help. With the controversial addition of Klarna to Deliveroo only a few months ago, it’s clear that BNPL is no longer a payment method solely for the retail space.

While it may not work for every business, consider how BNPL options could support your customers through the coming months.

‍

3. A rise in payment orchestration

Payment orchestration platforms have made a steady rise over the past couple of years and I predict an even greater growth in ‘23. Unlike a typical payment player, orchestrators give access to multiple payment providers, acquirers, fraud management tools etc. through a simplified integration.  

A lot of merchants prefer to work with multiple providers - orchestrators offer just that. Merchants can benefit from multiple connections in a single platform and instead shift their focus to maximising conversions and keeping their costs low.

For merchants focusing on stability, simplification and cost-cutting initiatives this year, a payment orchestrator will be a wise move to consider in the coming months.

‍

Jeremy Nicholds

CEO, Judopay

Jeremy Nicholds, Judopay

‍

Get more from your payment provider in 2023

Judopay is the flexible payment solution for large and small businesses.

Using our suite of integrations you can accept web and mobile payments your way. We know every business is unique, which is why we built a solution that can be tailored to yours and your customers’ needs. 

To top it off, our experts are on hand to help you scale by increasing your conversion rates, keeping you up-to-date with regulatory updates and bringing you the latest tools for fighting fraud.

‍Book a call with one of our payment experts today.

Recent posts.

Engineering

Mobility taxi image for payments

Introducing Judopay's API Bridge

Read more >Purple background blob

Growth tips

Judopay and Mobo2Go case study imageTeal background blob

7 ways to improve your e-commerce checkout experience

Read more >

Product

Strong Customer AuthenticationPink background blob

What is a payment gateway?

Read more >
Judo logo

Our solution

Online paymentsFraud protectionReporting tools

Company

AboutCustomersPartnersCareersBlogPress

Developers

DocumentationDeveloper hubChangelogAPI referenceStatus page

Resources

Service agreementCertificatesLegal hubPrivacy policyTerms & conditionsPrivacy notice for job applicants
Cookie Policy
Website Policy
PCI DSS
ISO27001 logo
Cyber Essential Plus logo
ico registered logo

© Judopay 2023. All rights reserved.