MOBILE PAYMENTS
“ I find that in a lot of cases , the benefits of going cashless goes hand in hand with increasing operational efficiency of businesses ”
— Mei Lee Quah , Associate Director , Frost & Sullivan
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Cashless payments are quickly becoming the norm in pockets around the globe . In China , for instance , the mobile payments market is expected to witness three-fold growth , with active mobile payment users doubling by 2023 , according to Frost & Sullivan . Low credit card usage , and the rising popularity of e-commerce coupled with a growing middle class are cited as the key accelerators of this national payment shift . Elsewhere , Sweden is often touted as one of the most cashless societies in existence , with cash being used in less than 20 % of transactions in stores , according to Riksbank , Sweden ’ s central bank . In fact , as well as debit cards and mobile payments , more than 4,000 Swedes have implemented microchips in their hands , according to the New York Times , allowing them to buy a coffee with a wave of their hand .
There is a plethora of payment methods on the market but Quah contends that society has made particularly good progress with cards in recent years . Yet , she says if we
SEPTEMBER 2019