Digital Innovators: New Ways of Paying Digitally

Digital commerce drives shifts in payment behaviour

Cash is no longer king on the global stage. While government initiatives to reduce cash usage played a role, greater digital connectivity has spurred card payment transactions as consumers opt to buy more online.

Digital commerce remains a small fraction of overall consumer payments

Even though digital commerce is expanding, it is worth noting that digital purchases is projected to account for less than 15% of all consumer payments in even the most tech-savvy countries such as South Korea or the UK.

More connected devices and things equates to even more opportunities for commerce

This connectivity is creating new opportunities for brand manufacturers and merchants to capture even more consumer data, which can be used to drive demand, influence consumer decision-making and ultimately generate more purchases. As a result of these shifts in commerce, the type of payment may involve a different form factor.