Discover Global Network, the payments brand of Discover Financial Services and UKHospitality (UKH), has predicted that by 2021, e-payments will overtake the power of cash payments.
In today’s payment world, convenience is king. Whether it be using cash, cards, mobile devices – whichever is the most convenient usually wins. So, think about how you make payments today. How do you pay your phone bill? How do you pay for house utilities?
According to a report published by Discover Global Network, the number of payments made electronically will increase in dramatic fashion by 2021.
“Our day-to-day interactions, including how we pay for things, continues to change as we see the technology landscape evolve,” said Soumya Dev Chakrabarty, director of payment innovation at Discover Global Network. “Discover is always looking for new ways to make the payments experience more seamless for our cardholders and merchants.”
In the published report, only 8% of the world’s money exists in physical cash and it demonstrates the shift in recent years towards electronic, cryptocurrencies and mobile payments.
With the rise of digital payment methods, the consumer expectation also rises, bringing immediacy and simplicity to a tipping point. Think about it. Would you go to the bank to pay a bill when you can do it on your phone?
The report predicts that the future of payments will be centred on seamless and instantaneous transactions. And take note, the key is in the integration of customer preferences when it comes to payment.
“Hospitality is about experiences and people, and how we pay is no different.”
“Hospitality is about experiences and people, and how we pay is no different. Although automation aids productivity levels within businesses, this does not mean that human interaction will no longer be necessary but rather changed in order to create a simpler, easier and more enjoyable consumer experience,” said Kate Nicholls, chief executive at UKH.
Nicholls added: “Technology is rapidly changing how we live our lives, not least how we pay for things. As this new report shows, it will not be long before payments in the traditional sense will be more of an alternative than the norm.”
As the trend for digital spending continues, businesses must prepare to adapt to the inevitable change. Through offering a variety of payment methods, businesses can stay competitive by keeping up with customer preferences. Bottom line is – investing in new payment methods will help businesses stay afloat.