The World Of Payment Technology In 2021 Money and the world of payments have gone through many changes since the stone age. From barter systems to contactless payments, society has evolved into a very mature stage, where Payment Technology has overtaken conventional mode of payments. Many people recall times when they ran cashless for a week or maybe longer. The digital payment infrastructure is ready to shine, and customers across the world are increasingly adopting the new modes of payment. Although digital payments have been here for a long time. Paypal, one of the largest digital payments companies today, started all the way back in 2004. Now Paypal is the limelight for business to business payments. But the implementation of payment technology into customer to business services and peer to peer payments services have only been possible with the advent of technologies like 4G, 5G, Blockchain, AI & ML, and RegTech.
In the span of five to six years, digital payment technologies have seen massive developments in terms of financial inclusion, and we’re expecting to see more innovation in the coming years.
Banks and Non-Banks need to switch to Digital Transformation As per a report by EY, 50% of consumers are already using FinTech applications for money transfers and payments, whereas 65% are optimistic that they will be doing so in the future.