The payments industry is always changing and it is hard to keep up, so we do the research and bring you up to speed on what is happening. We continue to watch the industry evolving and the things that can affect your business directly. In 2024 we will continue to watch the swipe fee battles with payments industry giants clashing with over interchange fees in Washington and in the courts. The proposed Credit Card Competition Act has been gaining momentum, but we’ll have to keep a close watch if senators will get this to the senate floor this year.
Real-time payments is gaining strength and FedNow is getting adopted by more banks. This could be an alternative to the credit card networks and bring real time payments pay-by-bank at the point of sale creating real competition to the credit card industry. B2B payments will definitely pick up this year partly because of FedNow’s launch.
More consolidation and a smaller payments industry at the end of 2024. With so many companies entering the payments industry in the past 24 months, the market is bound to consolidate. BNPL companies in particular will most likely consolidate leaving a few main players in the arena. Rising regulations, intense competition, and delinquencies will force some of these companies to fold or simply get bought out.
More digital wallets will arrive. Apple, Google, X (formerly Twitter), Paze and so on. Tech giants will learn from their mistakes in the past year, work through any regulations and keep pushing new and improved digital wallets. With more cards, buy now, pay later loans and fintech savings accounts, wallets will try to help users keep track of it all.
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