In many countries, cheques are almost unheard of. Cash usage is decreasing rapidly and is ‘protected’ to help the vulnerable unbanked and under-banked.

The number of digital wallets and mobile payment systems are growing every year, and virtual cards are replacing physical cards.

Cards, whether physical or digital, are in danger of being replaced or challenged by direct payments between consumers and merchants created by the Open Banking technology increasingly implemented around the world.

Overall, the payments market is highly competitive, with many new entrants trying to provide consumers with faster and cheaper money transmission services and disrupt the incumbents’ revenue streams.