What to expect from the payment industry in 2023
Some people already know
Hello Hello,
We are coming to you on Tuesday this week because of MLK day, you know that!
This year already started with some big news in the payments world. But first let’s zoom out and think about what we expect to see in 2023. Here is the summary of the one article by paymentsdive we liked:
We expect expansion in Real Time Payments (RTP) in the US (finally!). Especially in the B2B area. We really need to catch up with other countries on this one.
Lack of funding will cause more partnerships and cooperation between players on the market.
Similar to partnerships we will see a lot of acquisitions this year. Nuvei acquiring Paya in January of this year is a great example.
Some experts predict the rise of embedded payments and bundling finance products for end customers. Every product becomes a fintech product one day, that’s what they say.
Fraud and chargeback management and CyberSecurity in general will be very hot topics for the payments area this year. Big part of it will be caused by crypto. We all remember how the previous year ended.
Buy now-pay later will continue to be a hot theme as it adjusts to in-store use and new regulations in 2023.
Read the full article here.
Some other news
1. JP Morgan sued previous owners of company they acquired
JPMorgan sued the previous owners of Frank, the company they recently acquired. JPmorgan claims that from 4.25 million students they were able to deliver emails only to 28% of them.
JPMorgan found that during an internal investigation, Frank had only about 300,000 actual users.
Read full article on Bloomberg.
2. Nuvei to acquire Paya for USD 1.3 bln
Nuvei, a Canadian fintech company, and Paya Holdings have announced that Nuvei will acquire Paya Holdings in an all-cash transaction. The acquisition is expected to cost Nuvei around $1.3 billion. The acquisition will help Nuvei improve their positions in the global ecommerce market, as well as in the markets of integrated payments and B2B.
Read it on Paya website.
3. Worldline launched in Turkey
Worldline makes their international offer even more appealing by improving their presence in Turkey. Worldline launched their service in Turkey by partnering with Lidio, one of Turkey's leading Fintech companies.
Turkey is a challenging market. If you want to improve your success rate in Turkey it is better to work with a local player. Now Worldline can offer a local solution.
Read on the worldline website.
Some good reads
Interesting take on the state of P2P players by Alex Johnson: P2P payments: fintech's vision board. Great read on the topic.
https://workweek.com/2023/01/06/p2p-payments/
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