Cross-border instant payments will also grow as businesses expand their global operations, says Burak Kutlu from Istanbul-based Payten Teknoloji A.S., a winner of a BAI innovation award for 2022. Another top priority for businesses in 2023 will be data privacy and cybersecurity to fight back against fraud that is evolving with increased digitalization.
“Thanks to growing adoption of 3D Secure 2 protocol and improvements in card tokenization, card-based payments fraud may decrease next year — however, there is an increase expected in consumer-initiated payments fraud,” says Kutlu, who leads his company’s operations in Turkey.