Digital Payments

Cash is swiftly moving to digitised payments in a post COVID19 world. We are currently experiencing the sudden transition to the Machine Age or Digital Economy. As the Global economic power shifts to Asia as both China and India develop electronic, crypto and peer-to-peer strategies.


With the new Digital economy, digitalisation is expected to make customers comfortable and at ease with digital payment technology. They will then in turn be more relaxed with their spending. As payment fees reach zero with the widespread use of contactless payments, QR codes, credit and debit cards via smartphones and watches and other devices data insights based on their use will become more and more valuable. Various collaborations with card companies and Technology companies are emerging such as Apple Pay, Google Pay, Samsung Pay, stacked on top of various telecommunication companies making it easy to enable people to pay digitally. In time it is expected with time that Digital will replace cash. In many developing countries the unbanked population is moving directly from cash to smartphone payments. Cash payments have been declining continuously over the past number of years in Asia. In stark contrast the West has cash deeply ingrained into it’s psyche resisting the digital transition lagging behind the swift digital development and segue of Asia.

WeChat Pay and Alipay are the most popular payment methods in China. Almost 100% of Chinese citizens in major cities use either WeChat Pay or Alipay. These digital apps are used daily financially from online transactions and payments to government ID for taxes, welfare and social payments. Adoption is expected to massively change over the next five years in Europe with Digital Wallet emergence. Digital wallets are expected to replace traditional wallets of cash.

Instant payments

In China, the future of payments is developing world-leading digital payment infrastructures. Almost half of all the in-store purchases in China are made via a digital wallet unlike in Europe. China is currently working on a digital currency backed by its central bank and forcing companies doing business in China to adopt a digital yuan. This will certainly erode the dollar’s top position in the global financial market. Fintech companies and smartphones have facilitated a digital banking innovation. A new integrated ecosystem for payments has been developed. The digital payment revolution is rooted in the 2008 global financial crisis. As regulation over traditional banks strengthened, numerous fintech players have been in stealth mode operating below the radar and outside these enforced banking regulations. A third of all Fintech deals are related to the payments industry.

Peer-to-peer & Cryptocurrencies 

Digitising payments is the first step toward automatisation. Software in the form of smart contracts can be programmed to automatically process direct debits, track payments and digital notifications remind customers automatically confirming that payments are completed. Automation of payments in the form of smart contracts will speed up all forms of digital payments. Leading to quicker, and efficient technologies and services. Adoption will happen first in emerging markets, and form a number of new crypto first startups producing products people want. By the end of the decade, most tech startups will have a crypto component. The value of innovation including cryptocurrencies and blockchain technology with payments as a platform also underpins smart city platform developments. Cryptocurrencies are traded peer-to-peer without the need for a commercial bank or card platform.


Biometric authentication is another trend emerging in 2020. Biometric authentication is a verification method which involves biological and structural characteristics of a person. These verification methods include fingerprinting. scanners, facial recognition, iris recognition, heartbeat analysis, and vein mapping. With rising issues of identity theft and fraud, biometric authentication can become a much more  reliable and secure option for all forms of digital payments. By 2021 there will be more than 18 billion biometric transactions taking place every year.




This group is an open place to discuss the impact Technologies will have on society. With a rapidly aging population, people living longer than they ever have before and the threat of an Automation here this group aims to look at some of the solutions and issues that technology will bring globally everywhere.
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