A recent seminar reported in the credit industry newsletter The Green Sheet had some illuminating things to say about the future of payments. The article reported on a conference pitched more toward credit unions, and how they could serve customers, but the the findings will apply to everyone.
Among the assertions, was that by 2020, cash will account for less than 3 percent of all payments, and the value of person-to-person payments (think Paypal) will exceed the value of all ATM transactions! Findings at the seminar also noted that because of fraud concerns, physical cards will start to disappear — in Europe first (in another 3-4 years), meaning that “M-commerce” and other forms of paying – and processing — will take over.
In many ways, the future is already here at AVPS: With our mobile-processing solutions, and more, we can help you get ready today for where your customers will be tomorrow. Which means, you’ll still be able to retain them, the day after that!
Call or email your AVPS representative today!