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Complete Story
07/19/2022
Inflation Isn’t Hurting the Payments Sector — Yet — Says Payroc CEO
PYMNTS.com
We all thought (or at least hoped) that 2022 would be a very different kind of year, but we’re leaping from one crisis to the next with no relief in sight. Some are going as far as calling it “the year of catastrophe.” Others think that’s an overreaction, particularly in payments.
In a conversation with PYMNTS Karen Webster, Payroc CEO Jim Oberman said “I've been labeling it the year of increased uncertainty,” and there’s no shortage of it, with the June CPI coming in at 9.1%, the biggest interest rate hike nearly 30 years, and consumers cutting back.
Despite this, Oberman said the payments ecosystem is thriving — “cautiously thriving” to be precise — with the double dynamics of higher prices driving up revenues and more card purchasing driving up transaction volumes.
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