Tear Sheet
As we stand on the cusp of the new year, a mere three weeks away, we delve into the upcoming payment themes expected to take center stage in 2024.
I sought perspectives from experts in the payments industry, aiming to unravel insights and predictions regarding the trends that are anticipated to make it big. I also explored the strategic initiatives some of the top companies in the space are undertaking in response to these expectations for the year ahead.
From improving B2B payments to the modification of retail payments and more, we take a look at the threads that continue to weave the narrative of the payment industry’s evolution going forward.
The rising tide of interoperability
“In 2024, we’ll continue to see more progress and innovation to address interoperability challenges. Consumers want to have a smooth way to digitally move money between friends and family no matter what payment platform they use,” said Vikram Modi, Head of Visa+ at Visa.
“And it’s not just consumers who see value in interoperability – businesses do as well, especially those who make cross-border payments. In the coming months, we will see an increased focus on open-loop systems to solve the interoperability issue and truly deliver a flexible, frictionless, and inclusive user experience around the globe.”
According to Modi, Visa intends to scale its new service, Visa+, in 2024 to help extend the reach and convenience of P2P payments apps by collaborating with both digital wallets and technology platforms that support this segment. Launched in April 2023, Visa+ enables quick and secure money movement between different payment apps in the P2P space and expands real-time payouts to wallets. Visa has collaborated with initial launch partners PayPal, Venmo, i2C, DailyPay, TabaPay, and Western Union.