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.
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:
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