Five predictions about the future of payments
Will all payments one day be mobile? Covid’s need to reduce contact has seen limits increase on debit cards, but could our plastic become obsolete if the same features are replicated on mobile?
Mobile-first self-checkouts. Can you imagine going shopping without needing to queue to pay? Well, imagine a shop without a fixed, physical location. Instead, an app on your phone to pay wherever you want in the store.
A cashless society? In some countries (we’re looking at you, Sweden), cash was falling out of fashion long before the pandemic. But, will that become normalized across Europe and beyond in this decade?
Mobiles as more than a payment solution. The future of mobile payments will go beyond using phones to access, send, and receive money. Additional services like money management tools and financial scoring will become expected.
- Exciting new players. With the likes of Google entering the market, we’re now entering a new era of the bank account as a commodity. For these new entrants, offering a platform to store and pay money is less about payments, and more about offering additional benefits to customers in terms of convenience, product range, and a personalized approach. Not to mention, acting as an entrance to their entire ecosystem of products and services.