September 16, 2019

More Diginomics Predicted for 2022

futureofpayments2022The Payments Council of England published a new report in August, “UK Payment Markets 2013,” that predicts what the “diginomic world” of 2022 may look like.

            • Consumer card use to rise by 75%
            • Cash payments will drop dramatically
            • Consumer check payments will be virtually non-existent
            • Direct deposits to grow by 20%

Our primary interest in this report is that it reflects global trends where cash and check usage is expected to drop dramatically.

“Mobile payments are expected to become a major payment channel over the next 10 years. We will continue to manage our money online and via our mobiles,” the report says.

Global cashlessness is proving to be more of a goal than a dream. –