<p style="text-align: justify;">Technology is repainting the payments landscape.&nbsp;Given the complexity of the payments ecosystem in various countries, change happens slowly.&nbsp;Sometimes it takes decades, but change does happen.&nbsp;</p> <p class="p1" style="text-align: justify;">As technology drives a shift in how we buy things, the revenue that the payments industry extracts could grow to more than <span style="text-decoration: line-through;">N</span>10 trillion a year by 2020, much of that increase will come from a reduction in cash payments in developing countries.</p> <p class="p1" style="text-align: justify;">It goes on to say, across the globe; there will be a time of &lsquo;disruption and opportunity&rsquo; driven by digital technologies that will require the existing debit card system to prove that it&rsquo;s better than its new competition.</p> <p class="p1" style="text-align: justify;">While countries differ in terms of moving toward cards, mobile phones or other new digital technologies for payments, one thing is clear:&nbsp;ALL countries are trying to move away from using relatively expensive and inefficient paper money for making payments.</p> <p class="p1" style="text-align: justify;">With 2.5 billion people unbanked, it is clear banks have not been able to appeal to or service this segment in a cost-effective manner using today&rsquo;s cash-based and card-based payment services.&nbsp;New digital and mobile technologies provide a potential solution which can lead to much greater financial inclusion.</p> <p class="p1" style="text-align: justify;">Some countries have begun to move away from cash to primarily plastic cards for payments, while others are leap-frogging cards to use their mobile phones.&nbsp;Still other countries are exploring new all-digital bank accounts accessed by the consumer&rsquo;s mobile phone number and PIN.</p> <p class="p1" style="text-align: justify;">The future of money will leverage digital and mobile technologies to enable the creation of new lower-cost and highly efficient payment solutions.&nbsp;This future will be cashless, cardless and paperless.</p> <p class="p1" style="text-align: justify;">It may take a long time to become reality; Let us know what you think.</p>