Jun 1, 2021
The financial-services industry is in the midst of a significant transformation, accelerated by the Covid-19 pandemic. Given the key role digitisation plays in the financial lives of more and more of the world’s population, electronic payments are at the epicentre of this transformation.
Payments are increasingly becoming cashless, and the industry’s role in fostering inclusion has become a significant priority. As digital money draws a stronger interest, the financial services industry must recognise the entire infrastructure of payments is being reshaped, with new business models emerging.
PwC’s survey reveals how even before the Covid-19 pandemic, cashless payments like sending a text to pay for a bus ticket in Turkey, or using a QR code to buy groceries in China are evidence of a steady shift to a digital economy – a shift that might ultimately lead to a global cashless society. Global cashless payment volumes are set to almost double from 2020 to 2025, from about 1trillion transactions to about 1,9-trillion.