January’s release of the 2019 Payments Study from the Federal Reserve reveals that American purchasing behavior is evolving at full force, especially in debit and credit card use. Every three years, the Fed releases a comprehensive study on usage trends for noncash payment instruments. This most recent data shows the persistence of several longstanding trends – and some are gaining speed.
Topics: Payments, Vendor Contract, Cardless, Noncash, Debit and Credit, Payment Strategies
One year ago, almost to the day, Fiserv surprised the payments world by announcing its acquisition of First Data, setting off a wave of payments consolidation that by midyear had narrowed a list of six leading processors and bank service providers down to three. Following this flurry of activity, it was widely assumed that FIS, Global Payments and Fiserv would be occupied with integration tasks for the foreseeable future, potentially leaving payments M&A destined for a short breather. But wait – there’s more.
Topics: Open Banking, Fintech, Payments Consolidation, Visa, Plaid
Each year, SRM interviews a subset of bank and credit union clients to get their perspective on key industry trends rising to the top of their strategic to-do lists. With another decade having drawn to a close, January 2020 serves as a nice vantage point to take things in through a wider lens.
Topics: Banking Trends, Digital Wallets, Contactless Payments
Protecting Share, or Poking the Bear?
I asked a good friend of our firm, Ginger Schmeltzer, owner and principal of GDS Advisors, to comment on the recent announcement that PNC was blocking its customers from using their accounts to fund Venmo transactions. Ginger’s take echoed a number of comments made around the industry concerning the news.
Topics: P2P, Venmo, Zelle, Digital Banking
