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Can physical money disappear? Report reveals that digital payments are increasingly popular

Oliver Wyman's latest report reveals that 25% of all payments made in Europe, the United States and Latin America with bank cards are made online. The trend identified in 2019 also adds to the exponential increase in digital payments through services such as Apple Pay. The North American consultant says that, given the great popularity of new digital forms, physical money may soon disappear.

In Payment Plus Q1 2020 Oliver Wyman highlights the entry of companies such as Amazon, Facebook, Apple and Google in the finance sector as one of the factors that had the most impact on the way consumers make payments.

Apple, for example, has an increasing number of credit and debit cards registered with Apple Pay. The North American consultant points out that about 20% of the users of the company's company service have chosen to pay through the platform in at least one of the purchases they made. Nevertheless, Apple's great rival is Samsung, which has managed to reach over 21% of users with the availability service.

Comparison between payments made on Apple, Samsung and Google platforms Credits: Oliver Wyman

The consultant indicates that the concept of financial services is changing for companies, as payments are now seen as a source of revenue and growth in profitability. Thus, only a number of organizations are changing their business models.

Banking, for example, of the institutions that will suffer the most from changes in the finance sector. The entry of new competitors into the payments market and the possibility that physical money will disappear will force it to be in a constant process of reinvention.