The notable increase in digital transactions during the year has been manifested, mainly, in the use of debit and credit cards both in eCommerce and in physical stores and, in the latter case in particular, in the preference for the contactless method.
The adoption and use of these payments not only brings convenience to consumers and greater options for businesses, but also strengthens the financial inclusion ecosystem, expanding access to financial services to those previously excluded.
Depositphotos
The idea of a cashless society, which a few years ago seemed distant, today is a palpable and constantly growing reality. Therefore, today, on World Cashless Day, we at Fiserv celebrate this digital and cultural transformation that we are experiencing, which involves promoting innovation and flexibility to adapt to habits and incorporate trends.
The notable increase in digital transactions during the year has been manifested, mainly, in the use of debit and credit cards both in eCommerce and in physical stores and, in the latter case in particular, in the preference for the contactless method. The latter offers superior speed and security, responding to user demands for more efficient and secure payment methods. In turn, the accelerated growth of QR payments, far from cannibalizing card payments, complements this era of digitalization in pursuit of reducing the use of cash.
The adoption and use of these payments not only brings convenience to consumers and greater options for merchants, but also strengthens the financial inclusion ecosystem, expanding access to financial services to those previously excluded. The transition to a cashless economy simultaneously fosters efficiency in the exchange of value and promotes a more competitive environment.
However, the evolution towards a cashless society also presents challenges, such as data security and the need to expand the availability of these payment methods throughout the country. It is crucial that companies, governments and society in general work together to promote a more accessible and secure ecosystem, bringing more solutions to more and more businesses, allowing users to have more options when making their payments. Innovation and the development of solutions that facilitate this transition are essential to ensure a future where the digital economy is inclusive and equitable.
On this World Cashless Day it is important to reflect on the benefits of a digital economy and actively commit to making it positive for everyone. 6 out of 10 people believe that, in 10 years, cash will cease to exist and all payments will be 100% virtual (Source: Talking Numbers Vol III – Fiserv). Together, we can build a more connected and prosperous society, where this vision of the future is a reality and where digital money is a tool for inclusion and progress. The transition to a cashless society is an inevitable and beneficial process that, approached with responsibility and collaboration, will lead us towards a more efficient and secure financial future for all.
Vice President of Business Development at Fiserv for the Latin America South region
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
