Where next for digital wallets?

Daniel Kornitzer, looks at digital wallets and how cash is an evolving element in digital payments in the April issue of Payments and Cards Magazine.

Paysafe’s Chief Product Officer, Daniel Kornitzer, looks at digital wallets and how cash is an evolving element in digital payments in the April issue of Payments and Cards Magazine.

The crown is slipping, and cash is losing its kingdom. Thanks to the growth of mobile technology and e-commerce, many people have been writing the obituary for banknotes and hailing the arrival of the cashless society. While there is no final farewell for hard currency in sight — confirmed by a recent Forrester poll in which 53 percent say they still favour traditional coins and banknotes — the future is unquestionably digital and paperless.

Smartphones are helping to drive this new economy, providing connectivity and processing power that is widening the market for contactless payments and digital wallets. And it’s a change that is being reinforced by the millennial generation.

Read Daniel’s article in full here.

Cash

Recommended Articles

Money remittance: the key trends driving industry change

Lewis Horder, Senior Sales Manager, Financial Services

Sep 27, 2023

The money remittance landscape is changing, driven by growing demand, digitalisation and more. Here’s how payments can reshape the industry, and help remittance businesses seize opportunities.

LiT: What’s next for cash post-COVID-19?

There is still a significant role for cash in consumer payments, but with shoppers increasingly relying on eCommerce in the wake of COVID-19, will their relationship with cash change? And if so, how?

May 14, 2020

Will cash make a comeback after COVID-19?

The use of cash has dipped during COVID-19, but looks likely to bounce back after the pandemic. Contactless adoption continues to be identifiable consequence of the pandemic, but the US is significantly behind other countries.

May 10, 2021

Should U.S. consumers be able to repay loans with cash?

As we look beyond the pandemic, the role of cash is going to be key to recovery and growth for many consumers. This includes access to loans and the way they will be repaid.

Apr 29, 2021