Some regulators have initiated innovative payment solutions, while others lag behind. The traditional view that sustainability can be left to market forces is faltering, as our developing payment landscape leaves millions behind, raising concerns about the impacts of cashless societies. The remedy: an efficient, inclusive payment model.
As a host of industry initiatives, innovative technologies and new digital forms of currency emerge, payments are rapidly evolving—with multiple routes emerging that each look likely to lead to a payment destination that is instant, 24/7/365 and fully transparent. With banks seeking to navigate this changing landscape, how is this payment destination being secured? Not with a one-size-fits-all remedy, but through a combination of developing technologies and solutions.
Many of us are now familiar with the concept of software as a service (SaaS)—that is, the licensing and delivery model that enables users to subscribe to use-specific programmes and applications over the internet rather than having to buy them outright and install them on their computers.
A recent report by Access to Cash has suggested that cash transactions could fall to just 10% of all payments within the next 15 years. This is not very surprising given thatlast year, debit cards officially overtook notes and coins as the UK’s most popular form of payment.