Some of this information might seem upsetting to hear. But I believe it’s important to state the facts as they are.
- 6000 (roughly 10%) of ATMs in the UK have been closed.
- There has been a 38% decline in cash withdrawals at ATMs throughout the UK.
- 50% of branches in Europe have been closed.
- Currently cash represents only 13% of all in store purchases in the UK and this is predicted to fall to 7% in three years.
Accenture predicts that there will be a 9000% increase in digital transaction volumes globally within the next two years. This represents a 400 Billion shift in transactions from cash to digital equal to $7 trillion. The results:
- Increasingly signs are going up stating “No cash accepted here.”
- Payment market fraud will increase by a further $200 billion over the next five years. We have to balance the critical need for security with the consumer’s demand for a user-friendly experience.
- 50% of UK business leaders will switch tech providers within the next six months.
- 34% of these claim to experience difficulty in identifying the best solutions provider (keep Wizzit’s details on file)
- According to Forbes magazine, there are 67 million unbanked people in the USA which represents 25% of households. WOW! But that opens the doors to a massive untapped opportunity. This means that…
People have to rely on alternative financial services and spend a whopping $189 billion in fees and services outside of the formal banking system. The informal (shadow) economy is worth $1 Trillion representing 8% of GDP. This is higher than the GDP of Turkey or Australia.
I hasten to add that this number excludes all illegal activities.
- The USA seems to lag behind the rest of the world in the move from cash to Digital, in fact it does not even make the top 10. Cash still represents 26% of transactions where there are 170 billion digital transactions.
What these numbers show is that there is a massive opportunity around the globe for innovative banks who are ideally positioned to make the most of it.
“WIZZIT Digital now provides a fully software-based Tap on Phone solution. This creates the ability for merchants of all sizes to now accept card payments directly off their mobile phone, without the need of any additional hardware device.
With severe declining cash levels and contactless payments on the rise across the globe, both the informal economy and new merchants are desperately looking for cost effective and efficient ways to enter the payment ecosystem.
WIZZIT Digital’s SoftPOS provides this with the vital security element, which includes PIN entry for either all transactions or for transactions over the contactless level.
The choice is up to the acquirer.”
We would love to help you!
– Brian Richardson.
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