PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Money (Keeps) Changing

Joseph Walent by Joseph Walent
December 8, 2017
in Analysts Coverage
0
Why Do Only 1 in 4 Small Businesses Have an eCommerce Platform? - PaymentsJournal

807551

1
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

By removing some of the physical constraints in squaring up with friends and family, social media service providers have helped to ease the informal interpersonal transactions that many of us engage when collaborating on a purchase. What used to be a cash or check deal between individual can now be complete with a press of the finger.

But the rapid growth of social media payments won’t damage the banks, believes Michael Rolph, co-founder of yoyowallet, a UK-based mobile payments loyalty app. Instead, they’ll see it as an opportunity.

“Banks will be happy to see the movement of money into digital form rather than cash,” he says, pointing out that moving coins and notes around is an expensive and time-consuming activity.

Mercator Advisory Group recognizes interpersonal digital exchange of funds reduces the need for cash and checks, as well as the associated services banks provide in handling these means. Based on this, one might believe financial institutions would be less needed to facilitate these informal transactions. That may be the case eventually, but the migration will be gradual, and there will remain use cases for cash are not likely to go away anytime soon (lack of wireless signal, lack of power).

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

Read the full story here

Tags: Banking PlatformsMoney
1
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    eCommerce On Social Media, social commerce

    The Rise of Social Commerce and Social Payments

    February 3, 2023
    Electroneum AnyTask; ETN Crypto, sales enablement

    Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement

    February 2, 2023
    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023
    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Equinix report - Dojo Delivers Fast, Reliable and Secure Card Payments to Businesses on Platform Equinix