The future of payments – digital and cashless

The trigger for the final transition to cashless will be when cash becomes too costly to supply and accept. Banknote producers and mints are increasingly starting to consolidate and merchants are seeing the merits to cashless payments. Based on current progress with the payments industry, the highly anticipated rollout of 5G opens up multiple new opportunities, use cases and business models; if paired with payments, this can revolutionize how consumers interact and enterprises compete. Going forward, the payments industry should work towards integrating into society so efficiently that it becomes the de facto enabler of industry digitalization on a global scale. The potential for the payments industry is much bigger than just replacing cash.

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