The Future of Payment
Customer Focus and Innovation will be the Decisive Factors for Future Success.
How will we pay in future? Online retail trade is growing, and smartphones require new, digital solutions. Will the global internet giants conquer payment systems, and reduce banks’ access to customers? Or will banks be successful in asserting their market position using innovative and customer-friendly payment and account management services? Perhaps successful online banks, together with fintech startups, will take over the payment market?
The most probable outcome is that the range of new payment services will continue to be as diverse as it is now, and divide up the market. Parties that use innovation and customer focus to set their offerings apart will establish, assert and increase their shares in this market.
Find out more about the future of payment and the effects of online and mobile payment processes on the cash economy here.
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Behind the Hype
Blockchain here, business there: It appears that decentralized infrastructures will soon be essential to the economy. Although central banks are showing almost no reservations when it comes to testing specific applications in Distributed Ledger Technologies, “series production” readiness is still a long way off.
New aid, new efficiency: Moving cash fast
Cash-based assistance is reshaping humanitarian aid. NGOs like the World Food Programme confirm this in Lebanon, where 700,000 refugees use an e-card to spend money in 500 shops all over the country. Quite apart from its efficiency and the boost it gives to local economies, cash also grants beneficiaries more dignity in uncertain times.
The Cash Comeback
The fintech Barzahlen.de is turning the tables: digital transactions can be completed with cash in stores operated by major retailers – customers receive a barcode on the smartphone, scan it in at the checkout, and pay. Now the company wants to expand.