The future is cashless – this is what our Wirecard experts regularly report on this blog. But as we also find other perspectives exciting, we have asked various experts with different backgrounds for their insights, experiences and opinions about cashless as part of our “Cashless Think Tank” interview series (click here to read all parts published so far).
Today we continue with Spiros Margaris who is ranked as the no. 1 global influencer in fintech, AI and blockchain by Onalytica. Apart from being a venture capitalist and the founder of Margaris Ventures and many advisory responsibilities, he is a heavily booked and influential speaker at international FinTech and InsurTech conferences, and regularly publishes thought leadership articles.
Spiros, from your perspective, what are the most important advantages of cashless payment?
In a nutshell, the advantages of cashless is the much higher level of convenience.
To illustrate this with just a few examples, take the speed of interaction with merchants – honestly, when I have made my purchase decision in a store, I certainly do not want to stand at the checkout for ages. In addition, cashless payment allows me a very transparent record keeping and therefore a better understanding of how I spend my money. And cashless payment also offers me much greater security – because the loss of cash can’t be recuperated.
What are the most important factors that are helping cashless to become more prevalent worldwide?
The most important drivers and enablers are clearly the Tech companies, which develop innovative solutions to help merchants provide their customers a better buying experience. Shoppers love to have secure buying power without having to carry any cash with them.
And based on this premise and on great and user-friendly technological solutions, cashless payment is becoming increasingly popular globally.
“Paying will be less and less of a nuisance – we will have left all this kind of cash payment hassle behind us in a good 10 years” – influencer @SpirosMargaris in his #CashlessThinkTank expert interview on the #WirecardBlog
How do you think cashless payments will be made in 2030?
Once again: convenience is king. Or to put it another way: Paying will be less and less of a nuisance for customers – while today one is still sometimes forced to pay cash, to fiddle with small change or with large banknotes that cannot be changed, we will fortunately have left all this kind of hassle completely behind us in a good 10 years.
Some major developments I see are the following: Payment is becoming more and more invisible, just as in the much-cited “Uber Experience”. This defines the gold standard in terms of payment already today by which every other solution will be measured. This means that every payment solution must be fast, secure and convenient at the same time.
The other big thing we’ll see more often in the future is the Face-ID which is used to biometrically identify without a doubt people who want to pay, whether online or in a stationary shop – already today we see this in practice.