Deutsche Bank revealed its latest report predicting the future of payments, which discusses trends in online and mobile payments, fiat currency, digital currency and blockchain, according to the research. At a glance, the report states that while cash is a “dinosaur”, it has been a part of the economy for many decades and is still widely trusted by many people. However, with the rapid digitisation of financial transactions worldwide, it seems that the much anticipated Chinese digital yuan may soon replace the US Dollar.
While cash is still the go-to medium for transactions, it has long been plagued with inefficiencies. The report points out that the factors affecting long-term cash existence are related to the difficulty in verifications, the convenience in exchanging currencies and also security.
On the other hand, digital payments have and will continue to face many regulatory obstacles. However, digitization of payments is predicted to grow rapidly, with the number of blockchain wallet users projected to grow to 200 million in the next decade.
Currently, with the accelerated pace China and India are developing electronic payments at, we may see a momentous shift in the center of global economic power.
On the topic of the world’s most popular and valuable cryptocurrency, Deutsche Bank also notes that while Bitcoin is highly volatile, it still has the potential to revolutionize traditional payment standards.
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