On January 9, 2024, Payments Dive quoted Andrew Bigart on payment trends to keep an eye on in 2024. According to the article, conflicting views on swipe fees are expected to cause clashes among key players in the payments industry. Bigart echoed this sentiment, stating that this topic “will continue to get a lot of attention” this year.
Other hot topics for 2024 include the Federal Reserve’s new instant payments system FedNow, which is gaining momentum, an increased adoption of digital payments in the business-to-business (B2B) arena, and the arrival of more digital wallet offerings.
The article also asserted that the recent surge in payments fraud, which is believed to be driven by an increase in digital transactions, will overshadow payments progress. “With the growth of push payment fraud, via account-to-account payments and peer-to-peer payments, there will be a regulatory focus on figuring out who’s responsible for that and how to protect consumers,” said Bigart. “You’re going to continue to see that getting attention, especially as these services grow.”
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