With the acceleration of contactless payment and the advent of a cashless society, cash will probably disappear by 2050 according to Michael Schrezenmaier, CEO Europe of mobile payment company SumUp. But many weak signals are already announcing that it is not only payment in hard cash that will disappear., but all forms of physical transactions.
By 2050, the payment process will resemble a completely natural interaction between the merchant and the customer, intangible, devoid of the movements to which we are accustomed. Indeed, with the proliferation of innovations in the field of online financial and banking services, significantly accelerated by the pandemic, the digitalization of the physical point of sale has become obvious. Over the next three decades, However, Technological advances in payment methods using NFC will further streamline payment processes. We will see the end of mobile phones as a means of payment in favor of new supports such as connected rings and bracelets., NFC stickers or smart contact lenses.
Interconnected ecosystems
The advantages of decentralized finance (DeFi), based on blockchain that powers intelligent transfer of ownership and other forms of contracts will revolutionize the global economy. Buying real estate or charging our electric cars will be as easy as buying a cup of coffee. At the same time, businesses of all sizes will be encouraged to offer integrated payments as part of one-stop-shop solutions to meet increasingly demanding customer needs. Favoring different types of services within the same payment ecosystem will soon no longer be an option for merchants, but an absolute commercial imperative if they want to remain competitive. Such interconnected ecosystems are already being deployed today. Uber is an example : its platform offers its users the possibility of paying for a trip and ordering a pizza, without the need to make a single physical transaction.
The invisible payment
By 2050, more non-traditional players will be integrated into different types of services, the more these types of payment ecosystems will become legion. They will extend to all aspects of our economy, with streamlined global customer journeys. Payment processes will be even more transparent, even “invisible” in our daily life.
Sum Up, “tailor-made” payment tools
This fintech offers a range of payment tools meeting the specific needs of merchants, self-employed and micro-enterprises. Payment terminals, bank accounts and cards, solutions d’e-commerce, remote payment methods, as well as an invoicing and cash register solution. SumUp supports more than 3,5 million merchants in over 30 markets worldwide.
