New Forms of Payments

The payments industry is changing rapidly and new forms of payments are being introduced to the market at light speed. FedNow, the real time payments service introduced last July by the Fed allows for instant digital payments at a lower cost then using a bank debit card and is faster than getting payments via automated clearing house transactions. Some may see this as a threat to the use of debit and credit cards, and the dominance of VISA and Mastercard in the market. As we delve deeper in research of new forms of payments we see the potential of diminished power to the credit card giants in this increasingly multi-polar payments environment. Digital wallets will render physical credit and debit cards obsolete, but these giants are adapting quickly with new infrastructure capabilities. 

We continue to do our research and look for new payment solutions for our customers to help them grow their business and offer their customers new options for payments. 

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