Douglas Preston’s Post

One card to rule them all, well Visa is betting on it! "For as long as credit and debit cards have existed, there have been certain unwritten rules. One card, one funding source." (Maybe no longer?) Issuing banks are revolutionizing digital experiences by enabling mobile banking that lets consumers link multiple funding sources to a single card. Pay with credit, debit, a checking account, loyalty points, or even installments with a single top-of-wallet card. ** Community Financials may need to look at FinTech Buy Now, Pay Later equipifi if more robust BNPL 2.0 solutions beyond those of PayIn4 are desired. That's truly digital transformation! Changing long-established consumer behavior through an app that manages the funding source before purchase is challenging. However, allowing consumers to make funding source decisions at the point of sale through a terminal could simplify the in-person experience with on-demand options. I think that's already an option for a debit card swipe. 😉 Online e-commerce transactions via the consumer's mobile device seem omni-channel and ubiquitous enough. Back in 2013 their was a Y-Combinator backed startup called "Coin" that sought to create a secure hardware device with a 2 year battery life that was "credit card" like and swipe-able where the user would manage their myriad of cards via a mobile app. While Coin was a highly anticipated digital payment innovation with massive press, the product was a disappointment. They were later acquired by Fitbit in 2016 before folding. Perhaps being FTM and attempting to change consumer behavior at the same time with an alternative hardware payment device was too aggressive. Well, I am excited to see Visa's implementation in real-world scenarios and to gather merchant, consumer, and financial institution feedback. #buynowpaylater #bnpl #equipifi #startup #fintech #innovation #digitalpayments #installmentloans #banks #creditunions #paylater #choicepay #payovertime #payin4 #chase #standbycash #communitybank #microfinance #sileon #applepaylater #affirm #klarna #afterpay #paypal #googlepay #zilch #splitit #goldmansachs #visa https://lnkd.in/ewBzSz5m Visa | Innovation | May 15th, 2024

Real-Time-Payments (RTP) is rapidly gaining popularity and can greatly improve the customer experience. Banks and credit unions are acknowledging RTP as a must have #enterprisepayments offering for P2P, B2B, bill pay, e-commerce, #bnpl and software-as-a-service (SaaS) products they wish to offer. When evaluating real-time payment systems like RTP, financial institutions, FinTech's and core banking providers should prioritize a seamless and frictionless customer experience. "Research has shown that people value real-time payments for their convenience and accuracy - a 2020 survey of consumers in six markets on three continents revealed that people consider real-time payments as important or more important than access to the internet, next-day delivery and even everyday utilities. Three-quarters of people say they would like all digital payments to be in real time." #mastercard ✔️ 195 billion in transactions in 2022 — year-on-year growth of 63%, according to #aciworldwide March 2023 report ✔️ are irrevocable and immediately settled so there is no need for after the fact reconciliation of bank accounts. There is also no concern that the funds that are paid out might be returned because the transaction is validated before the money actually moves. #transcard ✔️ it’s estimated that up to half of B2B payments will be made in real-time by 2025 #finextra ✔️ is transforming financial transactions for businesses, allowing for the immediate transfer of funds, 24/7 significantly improving cash-flow management, increased efficiency and productivity #finextra ✔️ also carry more data than traditional payment methods, providing businesses with valuable and actionable insights #finextra #RTP #realtimepayments #B2B #customerexperience #banks #creditunions #instantsettlement

Large card issuing financial institutions pull ahead in the BNPL race. BNPL 2.0 by issuing FI's, will drive BNPL growth over 3rd party fintech direct to consumer solutions, as there is no change in consumer behavior. Consumers use the same credit and debit cards and they trust their primary financial institution. ✔️ Post-purchase buy-now pay-later could be a massive opportunity for retailers. ✔️ Massive customer bases and established rails put card issuers on the inside track. ✔️ In a survey of 4,135 U.S. consumers, American Express, Chase, and Citi outperformed other category leaders in three key areas: reasonableness of terms, ease of use with digital account management, and security of account information. #buynowpaylater #bnpl #equipifi #startup #fintech #innovation #digitalpayments #installmentloans #banks #creditunions #paylater #choicepay #payovertime #payin4 #chase #standbycash #communitybank #microfinance #sileon #applepaylater #affirm #klarna #afterpay #paypal #googlepay #zilch #splitit #goldmansachs https://lnkd.in/eNncxJ3n Dale Laszig | Practical Ecommerce | March 14th, 2024

Over the next 25 years, an estimated $100 trillion will be handed down to younger generations. The intricate process of generational wealth transfer and its implications for family investments underscores the importance of understanding the unique challenges and opportunities presented by wealth transition across generations. I found this article interesting and thought provoking as we create a succession plan within the walls of our homes, something we do every day in our day-to-day grind professionally. Does your family have a plan? ✔️ Long-term Perspective: Adopt a long-term perspective when considering generational wealth transfer, recognizing the need for sustainable investment strategies that can withstand the test of time. ✔️ Communication and Education: Effective communication and education to facilitate smooth wealth transition, ensuring alignment of values, goals, and investment philosophies. ✔️ Adaptability and Flexibility: Remain adaptable and flexible, recognize that each generation may have unique preferences, risk tolerances, and aspirations. ✔️ Legacy Preservation: Stressing the importance of preserving family's legacy and wealth through intentional planning and strategic decision-making. #buynowpaylater #bnpl #equipifi #startup #fintech #innovation #digitalpayments #installmentloans #banks #creditunions #communitybank #microfinance #sileon #applepaylater #affirm #klarna #afterpay #paypal #googlepay #zilch #splitit #goldmansachs https://lnkd.in/dxQycsFY Jenna O’Malley | PitchBook News | March 15th, 2024

It's interesting to see the data on where affirm's $7.5B in BNPL transactional volume lands. Affirm is no longer just a simple pay-in-4 company, proudly leading the pack with 73% of the portfolio generating interest, accounting for roughly 10% of all US Buy Now, Pay Later spend, ≈$85B. Oh and they mail you a debit card as a gift to remember them. 🤔 ✔️ Credit Unions & Banks, are you ready to compete? #buynowpaylater #bnpl #equipifi #startup #fintech #innovation #digitalpayments #installmentloans #banks #creditunions #communitybank #microfinance #sileon #applepaylater #affirm #klarna #afterpay #paypal #googlepay #zilch #splitit #goldmansachs affirm | FY Q2 2024 Earnings Supplement | February 8, 2024