Digital payment solutions: from possible future to inevitability

There has been a significant shift toward digital and cashless payment solutions in recent years. In fact, investments in payment-related FinTechs have doubled investments in other technologies across the financial services space. And now that the COVID-19 pandemic has revealed the significant benefits of digital and cashless payment solutions, this trend has started to accelerate even more. In particular, it is expected that newer solutions (e.g. digital wallets) will gain the most traction. At the same time, these changes will bring challenges for financial service providers, especially regarding the use and protection of personal data. Moreover, there will be significant infrastructural challenges in order to ensure that local networks can handle the switch to newer payments methods and provide interoperable and frictionless services for all users.