The Future of Payments
From contactless cards to mobile banking apps, an expanding array of new technologies has ignited a quiet revolution. Yet while cash payments are declining in popularity, transformational change remains elusive, given the significant barriers to widespread adoption of new technologies:
- Fears about data security, theft, and fraud
- Inconsistent regulatory landscape
- Size and complexity of financial services industry
The Future of Payments, based on analysis by the Centre for Economics & Business Research for Paul Hastings as well as a YouGov survey of consumers and businesses, examines where we are now and attempts to look ahead.
For instance, our report finds cash payments declining to less than a third of all transactions in the UK—and under a quarter in the U.S.—over the next 10 years. In addition, 74% of UK and 82% of U.S. businesses also say they will accept alternative payments by then—compared to 41% and 48%, respectively, today.
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View our infographics for additional key findings for the U.S. and the UK.