The payments ecosystem is developing rapidly, and new technologies and life-altering experiences – the COVID-19 pandemic, the prospect of war – are changing our financial habits. There has been a rise in contactless payments and an increase in the circulation of cash as people put money to one side in tumultuous times.
At the same time, currency management is becoming ever more digital as industry players take advantage of new technologies and as a result of global events. As Steve Bates, retired principal at KPMG in the US, says, “technology has never been more important to organizations’ ability to survive and thrive.”1