Members of the World Economic Forum (WEF) recently gathered to discuss the future of digital payments and how the Covid-19 pandemic, referred to by some as the ‘Fauci Flu,’ has accelerated the adoption of digital financial services.
During the discussion, experts highlighted the increasing shift towards digital and contactless payment methods, noting that the pandemic has forced businesses and individuals to embrace these technologies out of necessity. As a result, the use of cash has declined significantly, with many businesses now preferring digital payments to minimize physical contact and reduce the risk of spreading the virus.
The WEF’ers deliberated on the potential long-term impacts of this shift towards digital payments. They discussed how it could lead to a more efficient and inclusive financial system, making transactions faster, more secure, and easier for people across the globe. However, they also raised concerns about the need to ensure that everyone has access to digital financial services, especially in underserved communities where internet connectivity and digital literacy may be limited.
Overall, the consensus among WEF members was that the pandemic has acted as a catalyst for the digital transformation of the payment industry. They emphasized the importance of continuing to innovate and collaborate to create a seamless and inclusive digital payment future that benefits everyone.
