In early 2022, we looked ahead at what we believed would be the major trends in payment and security for that upcoming year. Let’s go back and revisit some of those original predictions as a way to to reflect on some of last year’s trends:
Increased Focus on Digital Identity: A “trusted and secure Digital Identity for all Europeans” that would lead to an increased focus on digital identity has come true. However, as our later predictions from October 2021 explained, this is a prolonged process where success depends on network effects.
Hard Life for Banks: Competition from neobanks and other challenger banks has also continued, with an estimated 30% year-over-year rise in users during 2022.
Changes in the Traditional Banking Sector: the sunsetting of 3D Secure 1 for online card payments is almost complete, albeit not without issues. In addition, more merchants have moved to enable “app-to-pay”. Looking at statistics, you will find around a 9% global rise for wallet-based app-to-pay over Q2 alone.
Crypto and Proof of Work: there were changes in how cryptocurrencies were implemented plus new government initiatives to restrict the worst environmental consequences of mining. This includes Ethereum successfully moving to proof-of-stake in September and a new EU regulation announced some months ago.
Now, as we look ahead to 2023, here are our next set of predictions:
1. The Increasing Importance of Artificial Intelligence
2. Identity Wallet Solutions in Europe Will Grow (Slowly)
3. Frictionless Payments
4. Moving From Cryptocurrencies to Central Bank Digital Currencies
5. PSD3 On the Horizon
To read more on these 2023 predictions, head on over to okaythis.com/blog.
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