The President of MasterCard International Markets, Ann Cairns, has recently discussed the impacts of alternative payments on the use of cash, saying that “cash is dying, slowly”.
In an interview with International Business Times (IBTimes) TV, Ann Cairns said that the use of paper and cash as a payment medium accounts for 85% of the world’s consumer payments today.
However, the use of new pay payment technologies such as contactless payments is increasing to such an extent throughout the world that the use of cash is reducing.
Ann used Poland as an example of an emerging market where historically the use of cash has been the predominant payment choice of consumers. However, Poland was the fastest growing contactless market in Europe for a number of years due to having previously had a low level of payment infrastructure in comparison to other European countries, which, when finally installed, was able to include contactless technology.
To see the full interview watch the above YouTube clip.
Source: IBTimes TV