The growth of digital payments over the past decade has been faster than many people anticipated it could ever be given cash has been a cornerstone of society for many centuries. Yet social distancing rules during the Covid-19 pandemic accelerated adoption of mobile banking even further. Research by UK Finance found 32% of UK adults had registered for mobile payments in 2020, an increase of 75%, or 7.4 million people, compared with 2019…
“Covid undoubtedly accelerated the move towards digital payments, but the cost-of-living crisis has put the brakes on,” says Hannah Fitzsimons, CEO of Cashflows, whose products and services make it easier for businesses to provide a seamless payments experience. “It's going to be a really tough 12 to 24 months where people are going to have to work really hard to budget, and the simple reality is that many people still feel more in control and trusting of cash.”
Read the full article in Raconteur's Future of Payments 2022 report.
