If there's one thing we cannot ignore, it's this time of transition in which we are immersed in the payment methods sector, where the pandemic has accelerated digitisation at an unprecedented rate.
The transition can also be seen in the increased coexistence or multiplicity of payment methods being used by the population, in a year in which the more digital methods have experienced a boost compared to the more physical or material methods. We see new habits in relation to cash, which is stagnant or even diminishing due to the adoption of preventive behaviours and habits as a result of contagion. However, the use of electronic payment methods is consolidated.
The transformation of payment ecosystems over the last decade has been highly notable, driven by the arrival of new players and the creation of new technology-intensive business models focused on the customer.
The report, a benchmark among professionals in the sector, launches a look at the future, while relying on data consolidated over the last ten years, and especially during this last pandemic. As such, it contrasts trends such as the progress towards a cashless society, the increase in the use of digital payment methods and the transfer of purchases to the online channel, and poses new challenges such as the universalisation of contactless digital payments, the commitment to digital currencies and new models such as Payments-as-a-Service (PaaS). A 360º overview of the trends of the sector:
If there's an area in which to be in a financial institution right now, it's in payments
Minsait Payments is the payment methods subsidiary of Minsait, and its objective is to collaborate with financial institutions, Fintechs and businesses to lead the payment methods industry from innovation, with a view to transversality in all sectors.
