The payments industry has made quantum leaps in how consumers pay and merchants receive their dues. From the advent of the internet, digital payments have made great advances which weren’t possible before.
Here’s a quick look from Cashbook’s website.
While informative, this list is not exhaustive, the payments industry has seen multiple disrupting changes beyond what’s listed here, such as digital wallets, buy now pay later, Instant Payment Systems, amongst others.
You might feel that as a consumer, you are spoilt for choice with these many new forms of payment systems available to you and being saturated with innovative solutions the payment industry might slow down on developing the next big thing. You might have to be ready for a new change in the status quo.
“Over the last 12 months, more than 60 countries have experimented with national digital currencies, up from just over 40 a year earlier, according to the Bank for International Settlements. The countries include Sweden, which is conducting real-world trials of a digital krona, and the Bahamas, which has made a digital currency, the Sand Dollar, available to all citizens.”
The pace of digitalization is not slowing down and world economies are gearing up to take their currency into the digital space. With good reason as well. In the McKinsey 2020 Global Report, a study has shown that in the payments industry, rapid electronic transactions have increased payments revenue. With China leading the way in digitalizing payments.
With countries ramping up digitalization of their currency and payment methods. It’ll be another disruptive force that could change the habits of consumers and businesses in the coming decade.
Consider talking to us. Alchemy Pay, the world’s first hybrid fiat and crypto Global Payments Solution. Our team of experts will give you insights on how we can help your business get ready for accepting digital payments. Get in touch with us: firstname.lastname@example.org