The world is moving towards greater digitalisation of payments. In Britain, one in four card payments are now contactless, and in Sweden, only 20% of all consumer payments are now made in cash.
For consumers – the benefits of going cashless are easy to understand. Consumers appreciate the ease and simplicity of digitally managing money – of tapping your phone to pay, and having the receipt appear on the screen in seconds.
But, what about corporates? Are companies ready to flush out cash from their payment systems? Commenting in GTnews, Deutsche Bank’s Andrew Reid, head of cash management corporates for Europe, the Middle East and Africa (EMEA), suggests; “Corporate treasures are already cashless in their minds”. For some time, businesses have been moving to eliminate cash and cheques as part of a wider drive for corporate efficiency (supported by their banking partners). As such, we can expect accelerated digitisation in the corporate space over the next few years – with new business models and a stronger convergence with retail developments.
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