Throughout the world, banking and payment services have been undergoing rapid transformation due to a combination of innovations in technology, brilliant entrepreneurship, new regulations and consumer demand. And neobanks, with a name that seems so unassuming, have been integral to shaping this transformation, opening the way for competition in banking services, faster retail payments, enhanced transaction security, more robust protection of consumer data, and tailored customer service for merchants and shoppers alike.
This issue's lead article explores the evolution and current state of neobanks, which are distinctly varied, niche-oriented, lean and agile, digital-first, AI-fluent, and typically not regulated as banks. They do not rely on brick-and-mortar offices, and have no legacy equipment to support, so they can make changes quickly and easily, unlike the traditional banks with which they co-exist.
In addition to playing a role in neobanking, AI is influencing practices in many areas of payments, and one astute contributor to this issue takes up this topic. Other experts discuss how gift cards are being used in innovative ways to securely transfer value, enhance loyalty reward programs and power embedded payment solutions; the fact that traditional processors are saddled with outdated code, a significant legacy problem; taking stock in a competitive industry where for every professional working today, thousands of understudies are waiting in the wings, ready to take over; why so many restaurants are going out of business and how payments professionals can help; and why a varied career in payments is transformative.
We've spotlighted several stories in this issue, including an Illinois liquor store owner's filing of a class-action lawsuit against Mastercard, Visa and Apple, alleging federal antitrust law violations; a settlement Google reached with 53 U.S. states and territories that requires Google to pay $700 million to resolve allegations of antitrust violations; a class-action lawsuit filed against Visa by MiCamp Solutions alleging Visa's surcharging and cash discounting rules are anticompetitive and have allowed Visa to gain "monopoly power"; and India's growing digital-first economy and status as a global ecommerce giant, which is creating opportunities for players in the fintech industry.
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