Announcing the 2024 winners of The Power of Payments Awards

Both consumer and commercial payments are enjoying a renaissance. New products, services, and partnerships are being launched, forming the next generation of leaders in the space. Meanwhile, existing players are growing their product portfolios and expanding their geographic reach.

Tearsheet’s Power of Payments Awards are the industry’s top awards programs, recognizing and celebrating the top products and brands in the payments space defining the face of a rapidly changing landscape.

This year’s winners are:

Best Fiat/Crypto Payments: Ripple

Ripple has earned Tearsheet’s Best Fiat/Crypto Payments award for its innovative blockchain-based solution that bridges traditional finance and cryptocurrency. Their technology offers instant, low-cost cross-border settlements, addressing longstanding inefficiencies in global payments. With a network spanning over 55 countries and facilitating billions in transactions, Ripple has demonstrated significant market impact. Recent partnerships and the announcement of their RLUSD stablecoin showcase their commitment to evolution and global accessibility. Ripple’s focus on regulatory compliance and securing crucial licenses worldwide cements their position as a trusted leader in enterprise blockchain and crypto solutions, making them a deserving recipient of this award.

Best BNPL: Zip Co

Zip has earned Tearsheet’s Best BNPL Award for its innovative approach to financial inclusion and responsible lending. By looking beyond credit scores, Zip offers flexible payment options to a broader consumer base, including underserved demographics. Its dual-revenue model benefits both consumers and merchants, increasing average order values by 46% while protecting businesses from default risks. Strategic partnerships and expansion into diverse sectors highlight Zip’s adaptability. By combining a mission-driven focus with strong financial performance and innovative features like the Zip Card, Zip has established itself as a leading pro-consumer BNPL provider.

Best Cross Border Payments Offering: Airwallex

Airwallex has distinguished itself as a leader in cross-border payments, earning Tearsheet’s Best Cross Border Payments Offering award through its innovative approach to global financial infrastructure. By building proprietary systems that bypass traditional networks like SWIFT, Airwallex offers faster, more cost-effective solutions for businesses operating internationally. Their extensive licensing portfolio across 60 jurisdictions enables secure transactions in over 150 countries. Airwallex’s Global Account simplifies multi-currency operations, allowing businesses to collect, hold, and convert money at competitive rates. With $100 billion in annualized processing volume and a growing customer base of 100,000 companies, Airwallex’s suite of services, including localized e-commerce payment solutions and efficient payout systems, addresses the complex needs of global businesses.

Payment Technology Provider of the Year: Intuit Quickbooks

Intuit QuickBooks has earned the Payment Technology Provider of the Year award for its comprehensive platform addressing small businesses’ cash flow challenges. Processing $165 billion in payments volume, QuickBooks creates $2+ trillion in instantly payable invoices yearly, significantly reducing payment waiting times. Innovations like Bill Pay, Contractor Payments, and the new Line of Credit streamline money management. By continually adapting to market shifts and integrating advanced tools, QuickBooks empowers small businesses to manage their finances end-to-end, making it a deserving recipient of this award.

Most Innovative Payments: NMI

NMI has earned Tearsheet’s Most Innovative Payments award with its NMI Payments platform. NMI Payments stands out for its developer-friendly approach, offering simple APIs and SDKs for easy integration, along with a new developer portal featuring ‘Try It’ functionality. The platform’s modular and flexible architecture allows embedding into various tech stacks, supporting a wide range of payment methods. Key innovations include white-label capabilities for brand consistency, scalability to accommodate business growth, and advanced risk management features. NMI Payments also offers revenue-sharing opportunities, turning payments into a profit center for partners. By combining ease of use, versatility, and robust security measures, NMI Payments is positioned as a leader in the rapidly evolving embedded finance landscape, making it a worthy recipient of this innovation award.

Best Virtual Card Provider: Extend

For a second year in a row, Extend won Tearsheet’s Best Virtual Card Provider award for its innovative virtual card solutions. By enabling businesses to issue secure, on-demand virtual cards from existing credit accounts, Extend simplifies expense management and streamlines payment workflows. Its platform integrates seamlessly with various card networks, offering flexibility across financial systems. With user-friendly features, robust security, and detailed transaction controls, Extend enhances spending transparency and efficiency. This strategic use of virtual cards makes Extend a standout in the industry and a deserving recipient of this award.