Market-place

As cards displaced cash, contactless payments are displacing card payments—though they have yet to achieve complete worldwide ubiquity.Many markets have hit a 90+% adoption rate, with the UK (93.4%), Australia (95%) and Singapore (97%) leading the charge.Over 87% of U.S. consumers now use contactless payments, and this market is projected to grow at a 19.1% CAGR until 2030.

These days, 53% of people choose digital wallets over traditional payment methods like cash or a debit card, according to a 2023 survey from Forbes Advisor. By using digital wallets, 67% of Americans reported sometimes or always losing track of how much they spend with this payment type. Almost half of consumers, 47%, admitted to spending more money employing digital wallets than a traditional payment method.

Neobanks as a concept, even if they weren’t known by that name at the time, first arose in the early 2010s, following the global financial crisis of 2008, when consumers’ faith in traditional financial institutions dwindled. Neobanks have grown significantly over the past 10 years, and now there are roughly 400 operating worldwide.