733Park Podcast Plug-In: Fintech Insider, Episode 505 insights
In this week's 733Park Podcast Plug-In, we look into Fintech Insider's episode 505, "How To Build a Cashless Society." Fintech Insider by 11:FS is a podcast that features everything from fintech to banking to technology to financial services. In this featured episode, we hear from David Dechamps, Senior Vice President, Digital Payments & Labs for MasterCard in Europe; Joseph Hajj, Chief Strategy Officer at Swish; and Nadia Costanzo, Head of Banking for MEA & Latin America at Wise.
Let's dive into the episode
In recent years, the popularity of cash has dwindled as digital payments have become faster, cheaper, and more convenient. Those in the UK, Sweden, China, and many parts of the world are moving closer and closer to a cashless economy.
Why is a cashless society growing?
Sweden is on track to become a cashless society by 2023, and China's digital payment users grew 10% to 577 million over the course of 2020. According to guest Joseph Hajj, Chief Strategy Officer of Swish, the two top benefits of a cashless society are simplicity (consumers don't need ATMs, and digital transactions are easier for both merchants and customers) and efficiency (reduced cost of cash transactions through commercial banks).
Not everyone is on board
People remain skeptical of a cashless society because of cybersecurity, and regulators need to ensure identification is real between sender and receiver. "47% of the population in the United Kingdom do not want a cashless society," according to David Dechamps of MasterCard.
The outlook of a cashless society
"Creating a totally cashless society is still a long way to go, but big corporations like MasterCard are trying to move toward a cashless system," according to Nadia Costanzo of Wise. Nonetheless, people are becoming more aware of digital wallets and payments.
Related insights
Explore the future of fintech M&A consolidation. Learn what trends are driving deals and how founders can prepare to maximize enterprise value.
nCino’s acquisition of Sandbox Banking marks a pivotal fintech M&A deal. Explore deal terms, strategic value, and what this means for banking tech investors.