Consumer and business payments are experiencing a renaissance. New products, services and partnerships are launched, training the next generation of leaders in the space. Meanwhile, existing players are developing their product portfolios and expanding their geographic reach.
Tearsheet’s Power of Payments Awards are the industry’s premier awards program, recognizing and celebrating the best products and brands in the payments space defining the face of a rapidly changing landscape.
Recognized at our inaugural T-POP conference in September in New York, this year’s Power of Payments awards went to:
Most Innovative Payments
Intuit QuickBooks won this year’s award Most Innovative Payments Awards. In addition to its accounting software used by millions of small businesses, the company powers an ecosystem around SMEs that now includes banking and lending.
QuickBooks recently launched 2 new products: Get Paid Upfront allows QuickBooks Online customers to fund unpaid bills and QuickBooks Early Pay gives employees instant access to their pay between paydays.
Best Payment App
GlossGenius wants to transform the small business payments workflow.
The vertical software platform for salon owners now generates over $2 billion in annual transaction activity.
GlossGenius’ platform is an out-of-the-box software solution that increases bookings and revenue while reducing administrative burden. Its Chief Money Machine card readers provide fun and stylish options for small business owners.
Payment Technology Provider of the Year
Zelle connects financial institutions of all sizes to make moving money easier and faster.
In 5 years, consumers and businesses have sent over 5 billion Zelle payments, or $1.5 trillion in total.
Today, nearly 1,700 banks and credit unions, including more than 100 MDIs, offer Zelle in their app.
Best Business Expense Product
Teampay helps high-growth businesses streamline the buying process. In June, the company launched Catalyst by Teampay, the first corporate card based on the Mastercard Digital First experience.
Catalyst can be pushed to an employee’s mobile wallet so they can make purchases immediately online, in-app, and at the point of sale.
Accompanied by a metal contactless card, the Catalyst card is numberless and cardholders can easily lock the physical card if it is misplaced, access their transaction history and balance information, receive alerts and view card benefits.
Best offer for cross-border payments
Flywire helps organizations get paid faster and easier, to and from anywhere in the world.
In July, the company announced the acquisition of Cohort Go to accelerate growth with international education agents, strengthen commitment to product and payments innovation, and further invest in the Asia-Pacific region.
Flywire increased its revenue by 53% to $56.5 million in the second quarter of 2022, from $37 million in the second quarter of 2021.
Best Fiat/Crypto Payments
Deserve allows BlockFi cardholders to earn 1.5% back in unlimited crypto on daily purchases.
With instant issuance and digital wallet provisioning, there is no need for a physical card.
In addition to the benefits of crypto, Deserve helps customers issue personalized cards and rewards, such as shopping at women-owned businesses, and helps individuals repay student loans.
best card
The OneCard upgrade provides the benefits of a credit card and helps consumers stick to their budget like a debit card.
Designating purchases as Pay Now helps users stick to their budget and avoid interest or fees, while using Pay Later allows users to spread their payments over time.
Users earn rewards on Pay Now and Pay Later purchases. Both options offer credit card fraud protection.
Best BNPL
Citizens Pay is a market leader combining point-of-sale financing and Buy Now Pay Later, giving consumers flexibility in payment options outside of credit cards and providing merchants with an integrated financing solution that uses data and analytics to deepen customer relationships.
Citizens Pay serves over 7.5 million customers and had more than $9.5 billion in loans issued, as of June 2022.
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