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The Green SheetGreen Sheet

The Green Sheet Online Edition

December 25, 2023 • Issue 23:12:02


2023: another big, bold year for payments

As we approach the end of 2023, I'm thinking of what a remarkable journey all of us involved in the payments and fintech sphere are on together. Facing inevitable challenges within and outside of the industry, we are collectively a testament to resilience, innovation and adaptability. Here are just some of the highlights that come to my mind right now.

One noteworthy, but not unexpected, development in 2023 was the continued acceleration of digital payments. Payments enterprises helped facilitate the shift toward contactless payments with the onset of the COVID 19 pandemic and have continued to innovate to help contactless payments reach new heights. Consumers and merchants alike love the convenience of digital payment methods, including mobile wallets, QR codes, virtual cards and more. Plus, the launch of FedNow in July was another step toward satisfying the thirst in the market for safe, speedy payments.

Blockchain and cryptocurrencies continue to gain traction, too, despite high-profile implosions such as the demise of the FTX cryptocurrency exchange and exposure of the outrageous actions of the company's founder, Samuel Bankman-Fried. Bitcoin, ethereum, and other cryptocurrencies continued to gain acceptance as legitimate forms of payment. And major financial institutions started to integrate blockchain technology into their operations with the goal of providing faster, more transparent, and secure payment processing solutions. This, I believe, exemplifies our industry's commitment to technological advancements that can open doors to new opportunities.

Our industry has also made strides in promoting financial inclusivity through partnerships between fintech companies and traditional financial institutions that have expanded access to financial services for underserved populations. We can all be proud that microloans, digital wallets for the unbanked, and affordable payment processing options have empowered individuals and small businesses around the world. In 2023, we also saw a growing awareness among our peers of the importance of sustainability. Companies large and small researched ways to reduce their carbon footprint and promote environmentally responsible practices, and launched eco-friendly initiatives like carbon-neutral operations and sustainable supply chain practices.

Governments and regulatory bodies worldwide have endeavored to establish clear guidelines, particularly for digital currencies and data protection. And interchange and network access are issues that seem never to be far from regulators' minds, particularly U.S. Senator Dick Durbin. It is a great boon that we have organizations such as the Electronic Transactions Association actively advocating on behalf of the industry and endeavoring to educate our elected officials so they can avoid unintended consequences of their endeavors to protect consumers.

Thinking about organizations, 2023 saw many fantastic tradeshows. The regional acquirers associations continue to shine. The educational offerings, spirit of sharing and valuable networking opportunities provided at their affordable annual meetings are unparalleled. Plus, we have more groups offering conferences dedicated to distinct industry niches than ever before. We are always pleased to list these in our calendar of events.

As many of you know, in October this year, we celebrated the 40th anniversary of The Green Sheet. Serving this industry has been an uplifting and rewarding challenge. Thank you to our inspiring partners and loyal readers for making our ongoing efforts possible. end of article

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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