How has the nature of money changed amid advances in technology and changes in consumer attitudes?
Consumers, particularly newer generations of corporate travellers, want ease of use, a seamless experience and control of their spending. Cash doesn’t give you this and bank transfers are just clunky and difficult to manage in real time. So consumers are turning to mobile wallets and contactless payments. Meanwhile, the new leaders on the supplier side of the payments industry, the likes of Uber and Amazon, have been successful because they’ve made payments invisible and seamless. It’s just so easy to buy through them and that’s why consumers love them. The only way you can do this is to make sure you have really granular control, visibility and accountability of each payment. If people don’t trust Amazon, they’re not going to use it. Companies like Amazon have created a one-to-one match between all the data from the product you want to buy and then from your profile and payment method.
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