Frequently Asked Questions
What Is the Payment Industry?
What Does the Payment Industry Look Like in 2021?
Consumers have been moving away from cash for some time; debit and credit cards are now the most popular way to pay in-store. However, mobile wallets such as Apple Pay are growing in popularity.
E-commerce has become quicker, easier and more convenient – thanks to the rise of the smartphone – and as a result it has attracted a bigger share of the retail market. Digital peer-to-peer payment apps are also on the rise, which has helped to make cash an almost redundant form of payment. Even industries that have previously been dominated by cash or cheque payments, such as B2B payments and remittances, are starting to react to the move towards digital payments.