Cashless Society Global Study Focuses on ‘Need Barrier’
The obstacles slowing the evolution of cashless payments globally are examined by global intelligence provider RFiGroup in its sixth global report.
The study, entitled the ‘RFi Group Global Payments Evolution Study – Breaking Through Barriers’, covers 16 markets internationally and comprises over 32,000 consumer interviews. It examines the changing payments landscape in key markets including the UK, USA, Canada, China, Taiwan, Hong Kong, Singapore, Indonesia, India, Vietnam, Korea, Malaysia, Thailand, the UAE, New Zealand and Australia.
This study also draws on best practice from the most important developed and developing financial markets to provide insight into the opportunities available nationally, regionally and globally for payments market participants.
“When we look at the pace with which payments markets are evolving around the world and the rapid innovation occurring in mobile and digital payments, it is easy to forget about the barriers that exist to halt evolutionary progress,” says Alan Shields, managing director – advisory for RFi Group and author of the report.
“We have long known that the key factors to payments uptake are security, convenience and speed, but for the sceptics there are significant hurdles in the form of understanding and need which have to be overcome. Ultimately, if a consumer does not perceive there to be any utility, then they will never adopt a payment mechanism in any meaningful way.”