PAYMENT SOLUTIONS
“ Addressing unserved markets is dependent on facilitating preferred local payment methods for specific communities . Historically , only a small percentage of a population uses card payments ”
SAREL TAL VP EMEA , RAPYD
already underway prior to the 2020 COVID- 19 pandemic , the events which followed have supercharged interest in and the development of digital payments . What started as a practical measure to avoid contact contamination for many consumers has become preference , as the simplicity , transparency and convenience of exemplary digital financial services was made apparent .
But how does this serve to foster financial inclusivity in cities ? For Sarel Tal , VP EMEA at Rapyd , the answer lies in empowering
‘ alternative payments ’. “ Addressing unserved markets is dependent on facilitating preferred local payment methods for specific communities ,” he explains . ” Historically , only a small percentage of a population uses card payments .” As more merchants move online and target customers outside their region , the need to add local payment methods will increase and the number of channels in which people can financially participate will subsequently increase . This will be particularly important for cities in APAC , adds Tal , where the multiplicity of local payment methods is greater .
For its part , Mastercard has
pledged to connect one billion people to the digital economy by 2025 . Its plan will entail enabling contactless payments across cityscapes , with a particular emphasis on connecting small businesses to be able to accept payments from consumers ’ smart devices and mobile wallets .