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    44% of consumers say they would switch merchants over card surcharges

    June 15, 2022
    Read More »

    Retailers Face Brand New Competitor: Gas Prices

    March 7, 2022
    Read More »

    Bank groups spell out payments industry concerns

    December 10, 2021
    Read More »

    23% Global eCommerce spike coming between Thanksgiving and Cyber Monday

    November 23, 2021
    Read More »

    CBD Payment Processing Has Arrived

    November 11, 2021
    Read More »

    How banks and payments providers can protect customers, merchants from fraud threats

    October 4, 2021
    Read More »
  • Contact Us

    Contact Us

    Our industry-leading service team and business consultants are just a phone call or click away. 

    p:  800.487.5577
    f:   866.476.8416

    info@finet.net

    Facebook Twitter Youtube

    Hours of Operation

    Monday – Friday: 8:30 am – 5:00 pm ET

    After-hours “emergency” support is available by calling the appropriate 24/7 help desk for your processing service. Consult your program documentation or the sticker on your terminal hardware for the appropriate contact information.

     

Studies

Cashless transaction volumes will more than double by 2030

FiNet
June 9, 2021

The financial services industry is in the midst of a significant transformation, accelerated by the COVID-19 pandemic. And given the key role digitization plays in the financial lives of more and more of the world’s population, electronic payments are at the epicentre of this transformation.

Payments are becoming increasingly cashless, and the industry’s role in fostering inclusion has become a significant priority. Payments also are supporting the development of digital economies and are driving innovation — all while functioning as a stable backbone for our economies.

Sending a text to pay for a bus ticket, using a QR code to pay for groceries, tapping a sales terminal with a mobile phone and even the humble contactless card was prevalent around the world.

Even before COVID-19, these ways of paying for goods and services were evidence of a steady shift to digital payments— a shift that might ultimately lead to a cashless global society. Global cashless payment volumes are set to increase by more than 80% from 2020 to 2025, from about 1 trillion transactions to almost 1.9 trillion, and to almost triple by 2030, according to analysis by PwC and Strategy.

Asia-Pacific will grow fastest, with cashless transaction volume growing by 109% until 2025 and then by 76% percent from 2025 to 2030, followed by Africa (78%, 64%) and Europe (64%, 39%). Latin America comes next (52%, 48%), with the US and Canada following (43%, 35%).

This means that by 2030 the number of cashless transactions will be about double to triple the current level across the globe.

During COVID-19 lockdowns, many people adopted digital behaviors, accelerating the proliferation of mobile-first digital economies and rendering cash even less relevant to daily life than it already was (although in less developed economies, cash remained essential).

In the global survey of banking, FinTech and payments organizations, 89% of respondents agreed that the shift towards e-commerce would continue to increase, requiring significant investment in online payment solutions. Not only that, but they agreed (97%) that there will be a shift towards more real-time payments.

Underneath the shift to cashless lies a larger, more profound change. Not only are traditional ways of paying for goods and services — including paper checks and invoices — set for radical transformation, but the entire infrastructure of payments is being reshaped, with new business models emerging.

That reshaping involves two parallel trends: an evolution of the front-and back-end parts of the payment system (instant payments; bill payments and request to pay; and plastic cards and digital wallets).

And a revolution involving huge structural changes to the payment mix and ecosystem (emergence of so-called “buy now, pay later” offerings; cryptocurrencies; and work underway on central bank digital currencies).

Both evolution and revolution are sweeping the globe, but in different ways and at different paces, creating a complex payments matrix. Many organizations are trying to figure out where to play — and win — in that matrix.

 

Source: Payment Cards & Mobile


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