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Letter from the editor

hroughout the world,
banking and payment ser-
vices have been undergo-
T ing rapid transformation
due to a combination of innovations
in technology, brilliant entrepreneurship, new regula-
tions and consumer demand. And neobanks, with a
name that seems so unassuming, have been integral
to shaping this transformation, opening the way for
competition in banking services, faster retail payments,
enhanced transaction security, more robust protection
of consumer data, and tailored customer service for
merchants and shoppers alike.

This issue's lead article explores the evolution and cur-
rent state of neobanks, which are distinctly varied,
niche-oriented, lean and agile, digital-first, AI-fluent,
and typically not regulated as banks. They do not rely
on brick-and-mortar offices, and have no legacy equip-
ment to support, so they can make changes quickly
and easily, unlike the traditional banks with which
they co-exist.

In addition to playing a role in neobanking, AI is in-
fluencing practices in many areas of payments, and
one astute contributor to this issue takes up this topic.
Other experts discuss how gift cards are being used
in innovative ways to securely transfer value, enhance
loyalty reward programs and power embedded pay-
ment solutions; the fact that traditional processors are
saddled with outdated code, a significant legacy prob-
lem; taking stock in a competitive industry where for
every professional working today, thousands of under-
studies are waiting in the wings, ready to take over;
why so many restaurants are going out of business and
how payments professionals can help; and why a var-
ied career in payments is transformative.

We've spotlighted several stories in this issue, includ-
ing an Illinois liquor store owner's filing of a class-
action lawsuit against Mastercard, Visa and Apple,
alleging federal antitrust law violations; a settlement
Google reached with 53 U.S. states and territories that
requires Google to pay $700 million to resolve allega-
tions of antitrust violations; a class-action lawsuit filed
against Visa by MiCamp Solutions alleging Visa's sur-
charging and cash discounting rules are anticompeti-
tive and have allowed Visa to gain "monopoly power";
and India's growing digital-first economy and status as
a global ecommerce giant, which is creating opportuni-
ties for players in the fintech industry.

To help keep you informed and connected with valu-
able resources, we've also included updates on mile-
stones and achievements, as well as new product and
company profiles. To help us spread your news, please
send a press release to press@greensheet.com, and send
your feedback to greensheet@greensheet.com.
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