Global Cashless Society Growth Opportunities

Global Cashless Society Growth Opportunities

Post-pandemic Transformative Payment Behavior is Leading to the Launch of Innovative Business Models

RELEASE DATE
12-Apr-2022
REGION
Global
Research Code: K749-01-00-00-00
SKU: CI00808-GL-MT_26445
$4,950.00
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$4,950.00
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Description

A cashless society or ecosystem can be defined as one where traditional paper or metal-based currencies are overpowered by digital or virtual payment solutions. The COVID-19 pandemic has affected our day-to-day lives as well as businesses, societies, and the overall global economy. To reverse the apprehensions instilled in people’s minds with regard to hygiene and safety and return to pre-pandemic stability, enterprises have realized the urgent need to move to digitalized payment modes.

While multiple digital payment platforms are available, cash continues to be the preferred mode of payment even in developed economies such as the United States and a major part of the United Kingdom. However, the pandemic has disrupted this trend, and digital payment platforms have gained momentum (even local businesses and retail stores are embracing this format).

This pandemic-induced change is tangible and is felt across all market segments; it has also triggered a paradigm shift in end-consumer perception. Traditional brick-and-mortar store operators are gradually moving to omnichannel modes of operation, eCommerce businesses are offering deferred payment options to their consumers, and private financial institutions are incorporating advanced technologies to attract customers to digital payment solutions.

The incorporation of advanced technologies such as NFCs, biometrics, blockchain, and AR/VR by all the major financial corporations in the digital payments space indicates end-consumers’ growing affinity for the cashless business ecosystem. While almost 50% of global transactions in 2030 will be done through eWallets, the global share of cash-based transactions will fall below 10%. The exponential growth of the eCommerce segment will act as a major trigger for this transition.

In addition, an economy driven by digitalized infrastructure allows government administrators to create a formalized and transparent ecosystem in terms of the flow of the economy (both domestically and internationally). A digital economy helps administrators trace the source of funds and eliminate financing for anti-national and antisocial activities.

This Frost & Sullivan study offers a comprehensive analysis of how digital payment solutions are likely to outweigh the traditional cash-based system in the post-pandemic era. The study's narrative is built around the key user segments of a cashless society, the critical success factors for transitioning to a digitalized economy, various industries' strategic investments in the integration of touch-free payment solutions, and the pivotal disruptive technologies in a cashless society. The study also provides a subjective overview of regional performance with regard to the move to the cashless economy; it also examines some of the major challenges that underdeveloped economies are facing (especially in Africa).

Table of Contents

Why is Growth Becoming Increasingly Difficult to Achieve?

The Strategic Imperative 8™

Our Mega Trend Universe—Overview

Growth Opportunities Fuel the Growth Pipeline Engine™

Our Mega Trend Universe—A Cashless Society

Key Findings

Growth Opportunities Critical to Future Success

Cashless Society—The Pretext

Evolution of Cashless Services

Cashless Society—User Segmentation

Key Characteristics of a Cashless Society

Principles Driving a Digitalized Economic Infrastructure

Key Strategic Directives for Transitioning to a Cashless Society

Success Factors Critical to a Cashless Society

Key Trend Opportunity Levers

Perceived Challenges in the Move to a Cashless Society

Digital Payments Will Witness A Surge in Use—Key Indicators

Trend Opportunity—Attractiveness Analysis

A Cashless Society—Regional Indicators

How Major Countries are Gradually Becoming Cashless

Challenges in Embracing Digital Payments—A Country Perspective

Disruptive Technologies Shaping a Cashless Society

Biometrics

NFC

Voice Technology

AR/VR

Blockchain

Digital Payment Trends in Key Industries

Retail—Enhancing the Cashless Shopping Experience

Hospitality—Highly Dependent on the Digital Ecosystem

Automotive—The Emerging Phenomena

Fintech—A Strategic Enabler of a Cashless Society

Trend Opportunity Impact and Certainty Analysis

Trend Opportunity Impact and Certainty Analysis (continued)

Trend Opportunity Matrix—Trend Innovation Index

Innovation Attractiveness Score

Trend Opportunity Matrix—Trend Growth Index

Growth Attractiveness Score

BEETS Implications

Growth Opportunity 1—Micropayment Platforms to Minimize the Dependency on Cash for Small Transactions

Growth Opportunity 1—Micropayment Platforms to Minimize the Dependency on Cash for Small Transactions (continued)

Growth Opportunity 2—Significant Investments for the Continued Growth of Blockchain

Growth Opportunity 2—Significant Investments for the Continued Growth of Blockchain (continued)

Growth Opportunity 3—MPoS Devices To Help SMBs Transition to a Cashless Business Ecosystem

Growth Opportunity 3—MPoS Devices To Help SMBs Transition to a Cashless Business Ecosystem (continued)

Critical Success Factors for Growth

Conclusion—The Way Forward

Our Mega Trend Universe

Our Mega Trend Universe (continued)

Identifying Your Company’s Growth Zone

Your Next Steps

About The Growth Pipeline ModelTM

List of Exhibits

List of Exhibits (continued)

Legal Disclaimer

Related Research
A cashless society or ecosystem can be defined as one where traditional paper or metal-based currencies are overpowered by digital or virtual payment solutions. The COVID-19 pandemic has affected our day-to-day lives as well as businesses, societies, and the overall global economy. To reverse the apprehensions instilled in people’s minds with regard to hygiene and safety and return to pre-pandemic stability, enterprises have realized the urgent need to move to digitalized payment modes. While multiple digital payment platforms are available, cash continues to be the preferred mode of payment even in developed economies such as the United States and a major part of the United Kingdom. However, the pandemic has disrupted this trend, and digital payment platforms have gained momentum (even local businesses and retail stores are embracing this format). This pandemic-induced change is tangible and is felt across all market segments; it has also triggered a paradigm shift in end-consumer perception. Traditional brick-and-mortar store operators are gradually moving to omnichannel modes of operation, eCommerce businesses are offering deferred payment options to their consumers, and private financial institutions are incorporating advanced technologies to attract customers to digital payment solutions. The incorporation of advanced technologies such as NFCs, biometrics, blockchain, and AR/VR by all the major financial corporations in the digital payments space indicates end-consumers’ growing affinity for the cashless business ecosystem. While almost 50% of global transactions in 2030 will be done through eWallets, the global share of cash-based transactions will fall below 10%. The exponential growth of the eCommerce segment will act as a major trigger for this transition. In addition, an economy driven by digitalized infrastructure allows government administrators to create a formalized and transparent ecosystem in terms of the flow of the economy (both domestically and internationally). A digital economy helps administrators trace the source of funds and eliminate financing for anti-national and antisocial activities. This Frost & Sullivan study offers a comprehensive analysis of how digital payment solutions are likely to outweigh the traditional cash-based system in the post-pandemic era. The study's narrative is built around the key user segments of a cashless society, the critical success factors for transitioning to a digitalized economy, various industries' strategic investments in the integration of touch-free payment solutions, and the pivotal disruptive technologies in a cashless society. The study also provides a subjective overview of regional performance with regard to the move to the cashless economy; it also examines some of the major challenges that underdeveloped economies are facing (especially in Africa).--BEGIN PROMO--

Kay Issues Addressed

  • Which segments will be the major users of the cashless format
  • Which disruptive technologies will enable a cashless society
  • What important principles are driving the growth of digitalized economic infrastructure
  • What are the key strategic directives to transition to a cashless society

Author: Partha Sarathi Chakraborty

More Information
Author Partha Sarathi Chakraborty
Industries Cross Industries
No Index No
Is Prebook No
Podcast No
WIP Number K749-01-00-00-00