A great example of the impact of payment technology comes from India, which transitioned from cash reliance to digital payments through a government-led initiative, enhancing security and enabling informal workers to build transactional histories.
Matthew Robinson, EVP Payment Network and Acquiring Solutions at American Express, emphasizes that for new payment methods to gain traction, they must address the fragmented nature of the payment space across various technologies and providers.
The rise of payment options, including wearables and QR codes, reflects a shift from traditional methods, illustrating the complexities of consumer adoption driven by technology and market perception.
To succeed, payment technologies must integrate seamlessly across online and offline environments, accommodating consumers who may initiate transactions in one space and finish in another.
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