Practice Area Articles

The Future of Payments

December 13, 2020

By Paul Hastings Professional

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.

Download the Report

View our infographics for additional key findings for the U.S. and the UK.