Payments Trends to Watch for 2023

Incumbents Meet Credit Card Regulators, New Payment Methods, and Gen Z Head-On

About This Report
This year will be a litmus test for trying new things. Payments incumbents that embrace change on their own terms will emerge stronger than before.

Incumbents, brace for a turbulent 2023. Regulatory scrutiny and product innovation will broaden consumer payment choice, intensifying competition among providers. To preserve their standing among consumers and merchants, incumbents must face down threats to core revenue drivers and monetize new ones. Using media to win over customers will play a starring role.

Regulators Swipe at Credit Card Profits

Profit drivers will come under threat. Regulators will scrutinize three areas—consumer fees, consumer interest, and merchant swipe fees—while seeking to reduce user costs by encouraging market competition. Providers won’t welcome these moves: Almost $260 billion in credit card revenues is at stake.

Here’s how regulatory attention will play out:

  • Issuers will prepare for increased consumer credit card switching. We believe the Consumer Financial Protection Bureau (CFPB) will require issuers to securely share consumer data with other providers at customers’ request. This will help consumers switch to issuers with better service or terms—and help competitors capture a slice of the 30.4 million credit card accounts that will be opened digitally this year.
  • Proposed swipe fee legislation and CFPB interest rate scrutiny present longer-term profitability threats. We do not expect these efforts to result in new rules this year. But their focus on increasing choice and competition—not capping fees—gives them staying power.

Here’s what’s in the full report


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Table of Contents

  1. Regulators Swipe at Credit Card Profits
  2. A2A Payments Take Flight
  1. Gen Z Breaks Into the Financial Services Mainstream
  2. Sources
  1. Media Gallery

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David Morris


Grace Broadbent
Melissa Rosenberg
Senior Researcher
Jaime Toplin
Senior Analyst
Daniel Van Dyke
VP, Content

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