The world of currency is constantly shifting. It was only a few decades ago when cash and coins were the primary means of transaction before debit and credit cards became the most popular form of payment. Now, the world of currency has become more diverse, as it has seen additional technologies enter the fray to alter it. E-wallets, crypto, and virtual payment processors are all extremely popular for digital payments on places like betting sites or online casinos.
The best betting sites Canada will take a wide array of different transaction methods, but even they might not be able to keep up with the pace payment technology is moving. There are so many different payment trends that enter the market on a daily basis. Keeping up with these technology trends isn’t easy, but it is important. The more aware of new technology you are, the better you can benefit from them. Let’s look at some of the new payment technology trends that appear poised to have a major impact in 2023.
One of the most important considerations with any form of payment is security. In a world where a lot of different payment methods are digital, that is all the more important. Hackers have stolen untold amounts of money from people online, so finding a way to bypass that is extremely important. One of the potential solutions to this, and an emerging technology trend, is biometric authentication.
Biometric authentication is a security process that uses an individual’s inherent biological traits to verify their identity. We’ve seen it in spy movies, and now it is real. This can include scanning an eye, fingerprint, or facial characteristics to verify that the person depositing or withdrawing is who they say they are. This can also include voice recognition. Biometric authentication has steadily been growing in popularity, with iOS implementing it as a core part of their system. Now, it will likely continue to grow as a part of payment processing.
Expanded Cryptocurrency Popularity
Cryptocurrency has absolutely exploded onto the scene in recent years, making many people very rich in the process. There’s a lot to like about crypto. Transactions are lightning-fast, the decentralized nature of it means there is more privacy, and the shifting values make it an exciting gamble. While crypto has been around for a while now, 2023 will likely see it become more popular as a form of actual payment rather than an investment.
Already we are seeing more sports betting sites that use cryptocurrency as a withdrawal and deposit form. This likely will continue in 2023. Even though crypto has had something of a rough 2022, the advantages that it has for virtual payments are significant. More and more sites, from sports betting sites to e-commerce sites, will likely start to implement systems that allow for these kinds of transactions.
Increasing Ubiquity of Mobile Payments
Everything is mobile these days. More than 83% of the world’s population has a smartphone, a staggering number. People do everything on their smartphones, from connecting with friends to running a business. One thing that has sharply increased, and will continue to sharply increase, is the ubiquity of mobile payments. More people every day are making phone purchases, and that is largely presumed to continue in 2023.
The addition of things like Apple Pay and other mobile methods of payment has led to the percentage of purchases made through mobile to skyrocket. Another factor is the COVID-19 pandemic. Phone purchases are contactless and fast, offering an efficient way of purchasing something without the need for touching. This is why it is an ideal solution to some of the phobias of the pandemic that remain.
Virtual currencies like crypto are an exciting development, but there are some downsides to crypto that might not be talked about enough. One of the biggest downsides is that mining for cryptocurrency is doing some serious environmental damage. A digital currency shouldn’t cause significant energy drainage, but there are some very unsustainable aspects to crypto. However, there are responses to this that will continue to become more popular in the coming year.
There are a lot of different cryptocurrencies that have focused on becoming the sustainable alternative to some of the environmentally unfriendly options. Chia is a well-known sustainable crypto option, as is Cardano. The prevalence of this kind of sustainable currency will likely increase as word spreads about the negative impact of other options. Expect 2023 to be a major year for green payments.
Currency is constantly shifting and evolving. This is certainly the case right now, where new methods of payment are popularized every day. As we enter a new year, there is change to be expected. Some of these changes likely include more biometric authorization, crypto transactions, mobile payments, and green currencies.