A slew of alternative payment methods are emerging to challenge the infrastructure of traditional payments; where this new road will lead and will be the victors remains to be seen, writes Carl Strempel, CFO and co-founder of Imburse.
The payments industry has been undergoing a major shift in recent times. Digitalisation and changes in behaviour brought about by the adoption of mobile devices and the internet have resulted in a significant move away from cash as a preferred payment method. This trend has been dramatically accelerated by the global COVID-19 pandemic. Increasingly tech-savvy customers have started looking towards more user-friendly solutions to better service their needs, and as a result, the market has been flooded with innovative alternative payment methods (APM).