DMI – the Future of Payments

OMFIF’s Digital Monetary Institute recently published a report on the Future of Payments. The report is a thorough examination of non-cash payment developments but two elements stood out. Firstly, a striking infographic showing the age profiles of four parts of the world and, secondly, more information on the growth, importance and impact of mobile payments.

Research consistently shows that people under 60 years old are comfortable with technology and are more confident and willing to engage with it than older age groups. These age profiles are, therefore, part of the story of the future of cash.

Managing payment risk outside of the commercial banks

The report considers the management of risk and the regulatory response in some detail. It contains interesting data on the speed and size of payments that have moved into mobile payments. As was reported in November’s edition, mobile phone growth is driving mobile money growth in Africa. The chart below demonstrates that mobile phone growth is happening the Asia Pacific region too.