“With big brands continuing to innovate, from introducing contactless card technology to smartphone payments, we have seen much of the public gravitate to new methods,” says Abhijit Deb. “Convenience is obviously a big factor, but digital payments’ ability to tackle electronic fraud with improved identity verification is also a massive driver.” Excerpts:
“Regulatory changes, such as the European IFR regulation, should lower the barrier for smaller merchants looking to go cashless, held back in the past by setup costs and card fees.
With acquirers also working to bring them into the cashless fold, we are likely to see more cash-reliant shoppers become exposed to digital payments.
The UK is moving towards a cashless society and banks are rightly investing in giving customers access to a range of payment options that do not rely on cash.”
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