Change is the only constant in the payments sector
Blogs, ifgs2019, Trending Topics on 15th March 2019
Trends driving the trillion $ payments industry
There are few sectors that can claim to have changed as dramatically in the last few years as the payments sector. The payments industry has faced unprecedented technological and regulatory change, which has significantly altered the competitive landscape of the industry.
You don’t have to look back too far to a time when “cash was king”. However, in 2017 debit card use overtook cash as the most popular form in the UK for the first time1and the use of contactless cards increased by 97% in that year alone.2 Meanwhile, the volume of cash purchases in the UK dropped by 15%3 impacted by card use and online payments. Even in Germany (a country historically slower to take up new payments technologies) in 2017, for the first time, less than half of all money spent was in the form of cash (a 5%. decline from the previous year).4
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