PAYMENT SOLUTIONS services , central banks across the globe will need to adopt digital currencies and facilitate the creation of a blockchain ecosystem .”
Kris Sharma , Finance Sector Lead at Canonical , agrees . He says , “ Although blockchain has strengths , which include improved network transparency , traceability and enhanced security , blockchains have often struggled with both speed and scalability .”
He explains , “ For mainstream adoption , blockchain still has a long way to go and will need the same sort of leaps in innovation that allowed wireless technology to be deployed across society . If blockchain technology is going to be used more widely , new point-of-sale systems that accept cryptocurrencies and are suitable for a variety of transactions may be needed .”
Sharma adds , “ In the absence of any dominant blockchain technologies , there are still plenty of opportunities for innovators to secure their stake in this vision of a cashless society .”
Payment solution trends Lennon points to the fact that there is much diversity to be found in payment-solutionland , and that 2021 will see an impressive upsurge in adoption as consumers become more open to new ideas .
He says , “ I think mobile wallets will accelerate rapidly in usage as consumers become aware of the no spending limits and security benefits of tokenisation . Multiple reports have revealed a sharp rise in digital wallet payments over the past year and Capgemini expects the trend to continue , with digital wallet adoption to reach four billion people by 2024 .”
Lennon also believes that convenience and speed are the ultimate motivators , and
Cashless conditions
Kealan Lennon , CEO at CleverCards , says , “ In order for a society to shift to zero cash payments environment there must be the following conditions :
• High societal trust in banks , government and regulators
• Effectively 100 % mobile phone penetration for ages 15 +
• 100 % uptime of mobile 3G / 4G / 5G connectivity and widespread broadband availability
• 100 % penetration of digital point of sales terminals amongst business and sole traders
• Facilitation of elderly and vulnerable people in society
• Low tax evasion / black market