77% of global online purchases are made using a local payment method, instead of a credit card. Payments have been a part of society since people began exchanging goods and services. For a long time, barter was the dominant mode of exchange, but then came hard cash. The cash-based currency system was the dominant payment mode until this decade, but it is no longer sufficient to deal with the ever-increasing complexity of the digital era’s mechanisms.
Every segment of the ecosystem is undergoing some level of evolution. Individuals and merchants who initiate payments are altering their payment behaviors. Many people are increasingly opting for digital payments.
This whitepaper examines the evolution of payments from the cash-dominated era to today’s digital world. It discusses the factors that are causing payments to be disrupted, as well as the difficulties that the ecosystem may face as a result.