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Cashier-free checkout firms such as Nayax and Pye, which just inked a distribution deal with JPMorgan Chase, see opportunities for their technology to help retailers respond to economic and hiring trends.
As with other card companies, the impact of higher prices and a potential recession is not yet showing up in performance, though it is pushing product diversification to reduce reliance on transaction volume — a strategy that helped during the early days of COVID.
"Right now, we are seeing nothing but stability," Visa CEO Al Kelly said. But the card network is hedging its bets against a broad downturn by diversifying its opportunities and accelerating new use cases and markets for direct debit payments.
The digital card-issuing company Marqeta will offer bank-as-a-service options to nonbanks; Cross River Bank teams with American Express for card issuing on behalf of fintechs; and a Discover Global Network study reveals 78% of fintechs are interested in partnering with payment networks.
Buoyed by robust lending through the third quarter, Discover Financial Services has tightened lending criteria slightly but expects charge-offs to remain low. However, inflation meant this growth has come at a higher cost in recent quarters.