PAYMENT SOLUTIONS
The transformation of the digital payments space is moving faster than anyone could have anticipated in the wake of the pandemic
WRITTEN BY : JOANNA ENGLAND
“ Paytech will be unrecognisable , and the need for automation will be as antiquated as cheques are today ”
JASON OLLIVIER CONTIS
Back in 2019 - before the world shifted on its axis , digital payment solutions from chip and pin and online transactions , to ApplePay were thriving .
At that time , according to data released by the Federal Bank of San Francisco , US consumers used cash in 26 % of their transactions , and this was down from 30 % in 2017 . The diminishing role of physical money was sedately winding itself down , allowing everyone to adjust accordingly .
Then earlier this year , the same source released its most recent findings - and revealed that cash usage in 2020 had dropped dramatically to just 19 %. Data suggests cash will drop further still , and could even go as low as 10 % by the end of 2022 .
Fear of spreading COVID-19 through the use of banknotes and increased online shopping has hit traditional currencies hard , and even though the world has now opened up , the numbers continue to tumble .
As cold hard cash and pocket-jangling change becomes increasingly obsolete , financial technology companies are finding evermore ingenious ways to help us do business through digital payment solutions .
From voice recognition biometrics to blockchain technology and seamless Amazon store payments , automation is at the heart of this massive transformation .