Are we becoming a cashless society? Research by Capgemini and BNP Paribas suggests that might just be the case; their recent study projects that digital payments will reach 726 billion worldwide by 2020. And we are only scratching the surface.
In fact, in the U.S., Generation Z consumers (ages 18 to 24) are “twice as likely to make a mobile payment as the total population,” reports creditcards.com. Beyond mobile, research published on Statista estimates the global market for wearable technology this year to be at a staggering $6 billion. And we have yet to experience the impact of 20 billion IoT-connected devices that are projected to flood the market by 2023.
Which begs the question: should credit unions be preparing for a cashless future?
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