During the past decade, we have experienced an extraordinary development of new ways to pay: wallets, mobile payments, in-app payments, digital currencies, crypto-currencies, biometric-based payments… Fintech has been at the heart of this trend as innovators have been leveraging technology to challenge incumbent players. Spending on mobile payments is expected to surpass $1 trillion in 2019 says Taiwan-based research firm TrendForce.
Yet, cash continues to be an essential part of the monetary and payments ecosystem. Cash in circulation has been growing in the vast majority of countries faster than GDP. The Covid-19 pandemic has seen cash demand surge in a number of countries as consumers have sought to increase their precautionary holdings. In the US, cash in circulation has increased by over $150 billion since February 2020.
Source: BIS, CashEssentials
Not all payment Fintechs are geared exclusively towards digital payments. Remitly for instance is a Seattle-based company which enables residents of the U.S., the U.K., Canada and Australia to send money to relatives and friends in developing countries. If recipients do not have bank accounts, they can obtain cash at one of 200,000 physical pick-up locations, inclding Walmarts and Elektras in Mexico.
Some start-ups, scale-ups and innovators are focused specifically at making it easier to pay and get paid in cash. Some are facilitating access to cash at a time when in many markets traditional banks are closing branches and ATMs. Others are focusing on improving acceptance of cash payments, including on new online and mobile channels. All are offering technology-based innovative solutions to make cash more efficient.
The webinar will gather:
The panelists will discuss how new players can impact the cash cycle. Will they challenge traditional players, or will they partner with them to improve the cash distribution network? Will they compete with existing branches and ATMs or will they offer an alternative channel Can they disrupt the trend towards increasing use of digital payments? Or can they turn cash into a digital payment? Can they establish a new cash lifestyle?
8 July 2020 @ 11:00 a.m. CEST. Register here!