The payments market is one which is in constant flux , with competing fintechs and banks vying for a greater slice of the pie . Competition is rife , but if we want to see a cashless society and more customer-centric payment options “ we need more global first solution providers and we need local first solutions providers to partner locally , regionally and globally ,” Quah says . “ Interoperability should be a central theme while at the same time we need to cater to local behaviour , needs and preferences .”
A cashless society is in the line of sight , scorching through countries such as Scandinavia and China alike . Within the next decade , Quah anticipates that the overall use of cash will “ drastically reduce ” but that due to regional differences and fragmentation it will vary from country to country . “ My vision for the future of the global payments market is for it to be so efficient at integrating into a society that it becomes the de facto enabler of industry digitalisation on a global scale ,” Quah concludes . “ To be able to do this , payment solutions have to closely meet the needs of the people that they serve and have to integrate seamlessly and securely with applications that bring the true convenience to consumers . The potential for the payments industry is much bigger than just replacing cash . It is an enabler of industry transformation , which we are going to see a lot more of in the coming years .”
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