WhatsApp launches digital payments service - industry reaction from CTO of Financial Service at Fujitsu

WhatsApp launches digital payments service - industry reaction from CTO of Financial Service at Fujitsu

Ian Bradbury

CTO of Financial Service at Fujitsu

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WhatsApp launches digital payments service - industry reaction from CTO of Financial Service at Fujitsu

16.06.2020 01:15 pm

While Facebook announced peer-to-peer payments via WhatsApp some time ago, its launch comes at a convenient time, as billions worldwide are limiting physical contact and the handling of cash. This has resulted in a huge surge in the use of fintech apps and a dramatic drop in the use of cash. If one thing is clear, it is that the lockdown has accelerated the use of non-traditional payment methods.

As this shift toward digital payments continues, people will become more digitally savvy and expect tech to deliver a more streamlined payments and shopping experience. In times like today, technology can help meet societal demands and adapt to new ways of doing things, and we’re seeing this innovation not only within challenger banks, but also the well-established high street banks that are using technology in new and exciting ways.

“Consumers are digitally adventurous and are keen to use services that offer the greatest convenience, whoever might provide them. Financial services firms must continually offer the latest digital services for their consumers and seek to fit into their lives – or they may very well find themselves losing market share to new digital disruptors like WhatsApp.

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