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The Covid-19 pandemic will accelerate a worldwide trend towards contactless payments, according to a new report from the Emerging Payments Association EU (EPA EU), which was commissioned by Luxembourg for Finance (LFF).
While the shift to digital payments is not a new trend – over recent years investment in payments related fintech has been double that of other technology investments across financial services – the pandemic will accelerate the pace of change in the structure of the industry. It is pushing what were once powerful disruptors, such as credit and debit cards, to become the disrupted, as digital wallets gain favour, particularly with younger age groups.
This sped-up evolutionary process is not without its challenges. EPA EU and LFF’s...
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