The payments industry has been evolving at a dizzying pace in recent years, and that’s not expected to let up this year.
Industry change is likely to revolve around regulatory dynamics in 2026. On the federal front, regulators will assert new authority in creating a framework for stablecoins, following passage of the Genius Act last year. Conversely, states are expected to step up oversight of emerging payment plays, such as buy now, pay later and earned wage access.
The courts and the Federal Reserve may also play important roles this year in resetting the thinking on card interchange fees as they weigh in on pending issues.
“The regulatory perimeter has been pretty well defined for decades, and now you see these opportunities, these possibilities, for very different types of financial institutions to be almost on an equal footing with the banks and payments companies,” said David Sewell, a Freshfields attorney who heads the law firm’s U.S. financial services regulatory practice from Washington. “Where that all shakes out, I don’t know, but I think 2026 will be very informative.”