The End of Cold, Hard Cash and the Global Shift Toward Cashless Consumer Payments

Consumer demand for cashless payments is growing, driving a global movement toward financial inclusion. The technology that enables digital storage and exchange of money is transforming with the exploding growth of internet access and penetration of mobile devices. This is not only causing a major disruption in the cashless payment industry but also creating new complexities in the global payment systems. We summarize the drivers of this global shift, the major innovations and players leading the way, and the opportunities for consumer-facing businesses as they navigate the change.