While the demise of cash has long been forecasted, it never quite seems to happen. Yet it’s undeniable that eight months of COVID-19 have sped up the process, as payments of all kinds – consumer, B2B, government, payroll, healthcare and more – are increasingly ditching the paper in favor of digital. It’s a situation that has brought FinTechs rushing into the space, and searching for partners to help them speed up the digitization of currency.
Data:
$30T: Value of B2B payments made via check each year.
360%: Year-over-year increase of enrollment in Visa’s Fast Track program in 2020.
96%: Portion of American consumers who receive payroll digitally.
72%: Share of QSRs that have implemented mobile ordering capabilities in response to COVID-19.
19: Number of days it took for i2c and SmartHealth to launch their first-of-its-kind pay card.
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