Payments

Looking back at my 2023 Payment Topics to Watch: 1. Tap to Phone 2. Pay by Bank 3. FedNow Launch 4. Embedded Payments 5. Blockchain-Based Payment Schemes Tap to Phone, different than Tap to Pay, turns your smartphone into a card acceptance device by using its built in NFC technology. Throughout 2023, the industry saw expanded adoption of Tap to Phone with additional Merchant Acquirers, and Merchants announced they have started or would start to offer this solution. In…

During the pandemic, economic stimulus led to a surge in deposits of close to $4 trillion at its peak around April 2022. That’s a huge number, especially considering that the industry held total deposits of about $14 trillion in October 2019. While the country’s largest banks were the major benefactors of this surge (they gained $1.7 trillion of the pie, or a rise of 30% of their total deposits), the rising tide elevated all ships.…

In the past, the only way a small business, start-up or a consumer could gain access to the financial system (open a deposit account, borrow money etc.) was by approaching a bank.  Today, however, they can do so directly through their e-commerce platform or their accounting system (Quickbooks, for example).  A slew of software companies partnered with individual banks and technology providers to yield a one-stop shopping experience: easy, convenient and seamless. This process is…