25% of card payments are made digitally in Spain

The consultant company Oliver Wyman says that if the trend continues the cash could disappear

In the same way the growing incursion of large distributors in the technology sector clothed the market last year, now the trend ifocuses on digital payments with credit and debit card.

According to the Payment Plus Q1 2020 report prepared by the consultant Oliver Wyman, currently 25% of card payments are made digitally, this is due to the growing demand in the financial services sector of the main technology companies such as Apple, Amazon and Google.

From the consultant Oliver Wyman, they point out that “if the trend continues as before, cash will end up disappearing, since these digital payments have grown three times more than physical payments in the last year.”

In the opinion of some specialists in the area, companies such as Apple are beginning to change their conception of financial services and, according to this, they assure that “before payments were conceived as an operational aspect of the business, they are now considered as a source of income and of profitability growth.”

Another tool for the development of these services is Bizum, which brings the possibility of carrying out immediate transfers without paying commissions. A “possibility of carrying out all kinds of transactions through said services, from account to account payments, up to the payment of invoices and the payroll income”, stresses the authors of the Payment Plus Q1 2020 report.

K.Villarroel

Source: abc

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