The issue of ‘transparency’ of payments
The cloak of invisibility over the act of paying has caused concern on many levels: ethics, philosophy, liability, security, trust, governance of the information explosion, regulatory compliance, and hardware and software technology. Not to mention that, in the current context of rigid constraints in the fight against COVID-19, restrictions have been imposed on physical interaction.
In one of its latest reports published in October 2020 entitled ‘Payment Acceptance Will Never Be the Same After the COVID-19 Pandemic’, Gartner explains that the way in which companies manage and accept payments is changing. Indeed, as consumer attitudes towards cash and other contact payment methods evolve, the paradigm shift in payment options is strongly favouring the digital. In the same study, Gartner predicts that by 2023, five countries will have launched digitisation initiatives to remove cash from circulation, and by 2024 mobile payment users worldwide will double, reaching nearly 2 billion, up from less than one billion in 2019.
Clearly, payment acceptance will never be the same. The heyday of the Internet of Payments is on the horizon.