While cash is unlikely to ever disappear, the digitization of money is proceeding rapidly – and even arguably picking up speed. That’s visible in Visa’s strong earnings results last quarter and the rapid proliferation in the number of SMBs taking card payments – or even the changing shape of commerce entirely. As shopping of all kinds is moving online, the growth of digital payments is, unsurprisingly, following along. The trouble with a fast-moving train, however, is that jumping on and holding on can be tricky – and consumers and businesses can sometime struggle to be fully aware and caught up on those advances.
Data:
$2.1 trillion: Value of Visa’s Q4 total payments volume.
$100 billion: Estimated projected value of online grocery by 2025.
15 million: The approximate number of EU small businesses that have historically struggled with digital payments capability.
$350: Average costs of around 2,000 credentials purchased off the dark web.
25 percent: Share of U.K. consumers who report being well-versed in the new open banking regulations.
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