The Future of Payments
In this report, we look at payment platforms, explore their prospects, and look at new technologies that could shape the future of the global payment landscape.
- Credit cards, debit cards and cash remain the most commonly used methods of payment in the US, but new options are gaining popularity.
- Contactless payments such as Apple Pay, PayPal, contactless cards, and others have attracted hundreds of millions of customers and some 65% of US retailers accept them.
- Boasting familiarity and efficiency, company-specific payments such as Amazon Pay and Walmart Pay help streamline the checkout process.
- In China, mobile payments have become the norm. With a combined more than one billion active users, WeChat Pay and Alipay have become the most used digital wallets in the world.
- Bitcoin dominates the cryptocurrency world, but price volatility continues to raise concerns about its suitability.
- Facebook plans to launch its own cryptocurrency called the “Libra” in 2020. It will back the currency with a reserve of low-risk assets and promises to combat the volatility that has plagued other cryptocurrencies.