There are a lot of people who are very excited about the digital payment space. It is with good reason as many people are starting to realize that there is no point in printing cash. The entire world is pretty much run digitally. Therefore, banks are trying to get involved with digital payments. However, their efforts are being spurned a little bit. Banks are not keeping up to par with the fintechs that are looking to do the same thing.
- There is room for massive growth in this particular sector as the world goes largely online.
- Being able to make all different types of payments digitally is the future of the entire world.
- Soon, there will be no reason for countries to be printing their own cash for, or from, banks.
“Fintech market entrants such as Apple Pay, Android Pay and Google Wallet are taking market share from incumbents, in a market where 93.6 per cent of Australians aged over 14 are aware of at least one digital payment solution, and 72.4 per cent have used at least one digital payment solution in the past 12 months.”