If every industry changed as much as the payments industry in the last 10 years we would probably have jetpacks, flying cars, and teleportation by now. The payments industry is constantly changing but the last 10 years things have changed drastically. From the introduction of peer-to-peer payments, to digital wallets and crypto payments, to Buy Now Pay Later programs and beyond. With the pandemic came the revolution of digital payments, the need for businesses to digitize their operations, and for the payments industry to adapt to a new reality.
Tech companies pushed the envelope leaving traditional card issuing banks behind or having to catch up. As the world economy came back to life, the effects of the pandemic have proven to be challenging. Inflation, high interest rates, and distribution issues have all caused consumers to look for options to stretch their budgets and businesses to offer new solutions to attract spending. BNPL programs have seen a huge increase in the past 2 years, credit card adoption has broken records not seen in the past 10 years, peer-to-peer payments and other real time payments like ACH have also seen an increase in transactions.
With so many changes and the introduction of new options for payments, will credit card companies lose its appeal with consumers? Will real time payments and BNPL programs continue to increase market share and challenge credit companies in the future? All remains to be seen, but the industry continues to innovate and consumers now have more options.
It is exciting to see the changes and be a part of the solution for businesses that are looking for ways to digitize their business, offer new solutions for payments to their customers, and grow. For more information on how we can help bring along your business into the future contact us today!