National Merchants Association (NMA) Releases 2023 Trends and Predictions for the Payments and Fintech Industry

“We are excited to continue to advocate for both low- and high-risk dealers, helping them keep fees reasonable and affordable during this time of economic uncertainty.” – Heather Altepeter, CEO, owner and founder of NMA

LAS VEGAS (PRWEB)
29 November 2022

Today, the National Merchants Association (NMA), an innovative FinTech company, pro-business advocate and payments acquirer transforming the financial services industry, released key trends and predictions for 2023. The critical insights shed light on what merchants, agents and payment processors can expect and prepare for in 2023.

“We’ve seen a lot of ups and downs in 2022, with more in the New Year,” said Heather Altepeter, CEO, owner and founder of the National Merchants Association. “We are pleased to continue to advocate for both low and high risk dealers, helping them keep fees reasonable and affordable in this time of economic uncertainty. The FinTech industry has seen big changes this year and we look forward to announcing some incredible new developments and innovations that will greatly impact the way businesses process payments in early 2023.”

The findings for 2023 are based on feedback from NMA members and its management team.

New trends and predictions for 2023:

• Labor shortages: As the mass redundancies increase, the NMA predicts that more and more banks will struggle with labor shortages, prompting organizations to rely more heavily on FinTech solutions.
• Electronic and contactless payments: In 2022, two years into the pandemic, there was an increase in the use of electronic and contactless payments, including the introduction of many different digital wallets. The NMA predicts that this widespread use will continue into 2023.
• Cryptocurrency adoption: Similar to what has happened with electronic and contactless payments, cryptocurrency has also been on the rise. Although widespread use of cryptocurrency will not be achieved within the next year, this area of ​​the financial industry will continue to grow, gaining more users. However, mainstream adoption is still far out of reach due to the economic uncertainty, consumers being wary of who holds their money and the lack of public education around this advanced technology and form of payment.
• High Experiences: As with any industry, the payments industry must constantly evolve to keep up with consumer demands and expectations. NMA predicts that there will be glimpses of banking in the metaverse to elevate the overall payment experience. Furthermore, NMA predicts that increased customer experience opportunities in the financial world will increase. Antiquated and conventional brick-and-mortar banking stores can decline and make more room for creative concepts such as banking cafes, high-end restaurants for investment firms and venture capital organizations to nurture relationships with customers and more.

“As time goes on, the marriage between the finance and technology industries will only grow stronger,” said Travis Everett, COO of the National Merchants Association. “This combined with high inflation, labor shortages and increasing consumer demand for easy payment options could stimulate and encourage widespread use of cryptocurrency, electronic payments, and the list goes on.”

Ahead of the new year, these new trends and predictions serve as guideposts for payments and FinTech organizations to execute more effectively amid technological advancements that continue to grow in popularity. For more information about the National Merchants Association, visit NationalMerchants.com.

About the National Merchants Association (NMA)

The National Merchants Association (NMA) is a powerhouse in the payment processing industry and a merchant group that fights for every merchant, regardless of their risk level, to ensure fair and affordable electronic payment options for businesses of all sizes. As a leading card-not-present service provider and trusted partner to brick-and-mortar businesses worldwide for nearly 20 years, NMA has revolutionized the payment processing space by creating a reliable and user-friendly payment experience for merchants, agents, referral partners and consumers. NMA has achieved remarkable success since its inception – securing a spot on the Inc. 5000 list of fastest growing companies for three consecutive years and landing partnerships that provide exclusive access to innovative FinTech and payment solutions. For more information about the NMA, visit NationalMerchants.com.

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