Cashing in on digital payments: How Covid-19 has transformed the way we spend

Fintechs hastening switch away from coins and notes

The explosion in e-commerce since the onset of the Covid-19 pandemic, as well as forced physical separation, has accelerated what was already a rapidly evolving global digital payment ecosystem.

Momentum built up over the past year has further hastened the shift away from cash and cheques by consumers and businesses, creating opportunities for financial technology (fintech) companies to increase the digitisation of payments by enhancing their convenience and efficiency. On the consumer side, digitisation is spreading from the younger and more technology-savvy generations to the broader population. Even Baby Boomers who have traditionally visited banks and sent cheque payments through the mail, for example, are now ordering their shopping online and depositing cheques with their ...