What Does the Future Hold for Payments?

Last year, the International Banknote Designers Association (IBDA) held a virtual conference. One speaker, Dr Franklin Noll, presented his thoughts on how we’ll be paying in ten years time. Future gazing is always an interesting task and Dr Noll laid out a busy payment landscape for us to consider.

In 2031 the assumption is that we will still have physical wallets. There may be four items in those wallets, two familiar and two not. First, we will still have banknotes and coins for those few circumstances where cash is still required. We are also likely still to have debit and credit cards, although the presentation suggested they will have worked hard to move the population to using apps on mobile phones. Given people like the familiar, perhaps a reasonable assumption.