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Future of Payments

Sep, 2019
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Summary

96 per cent of people in Singapore are ready and willing to use biometric payments, according to a recent study by Visa, but is this enthusiasm mirrored elsewhere? The Future of Payments special report, published in The Times, examines the barriers to widespread biometric adoption, the arguments for and against facial recognition, and why Scandinavian banks have decided to embrace wearables over fingerprints. It covers the obstacles in the way of India’s transition to mobile money only and whether going cashless will mean financial exclusion for the elderly. Other issues explored include why America is so behind in payment technology, if Apple’s new credit card is a cause for concern and whether money really can buy happiness, after all

Infographic

The payments story in North America is one of contrast. It is home to the global behemoths of Silicon Valley, several cryptocurrency giants and some of the most disruptive technology startups in every field; yet it remains behind much of the developed world when it comes to mainstream adoption of modern payments technologies, such as biometrics, mobile wallets, contactless and even chip and pin. Signing for a card payment is still very much commonplace, but why is this? Mature technology infrastructures have some part to play, sure, but one of the key reasons is consumer attitudes and established preferences for cash and cards