Research Overview

A cashless society or ecosystem can be defined as one where traditional paper or metal-based currencies are overpowered by digital or virtual payment solutions. The COVID-19 pandemic has affected our day-to-day lives as well as businesses, societies, and the overall global economy. To reverse the apprehensions instilled in people’s minds with regard to hygiene and safety and return to pre-pandemic stability, enterprises have realized the urgent need to move to digitalized payment modes.

While multiple digital payment platforms are available, cash continues to be the preferred mode of payment even in developed economies such as the United States and a major part of the United Kingdom. However, the pandemic has disrupted this trend, and digital payment platforms have gained momentum (even local businesses and retail stores are embracing this format).

This pandemic-induced change is tangible and is felt across all market segments; it has also triggered a paradigm shift in end-consumer perception. Traditional brick-and-mortar store operators are gradually moving to omnichannel modes of operation, eCommerce businesses are offering deferred payment options to their consumers, and private financial institutions are incorporating advanced technologies to attract customers to digital payment solutions.