Payment evolution - where East meets West
We have been talking about cashless for years. Greater security, new technologies and government initiatives mean that consumers worldwide are continuously moving away from cash to using more and more electronic forms of payment. Although 6 billion payment cards are issued globally each year, and indeed physical plastic remains the west’s preferred payment type, Asian countries are adopting smartphone payments at an incredible rate. As technologies evolve, so do the form that payment preferences take. Being able to provide merchants with an in-store solution that offers an all-encompassing set of payment acceptance methods, has become a key, yet challenging, task for payment service providers and acquiring banks.