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For an insight into the state of digital payments in 2024, and how things are set to evolve, it’s worth looking back to the writings of Carl Menger – a 19th Century Austrian economist.
Building on the work of the classical British economists and their obsession with the objective costs of production, Menger added an all-important human dimension, zeroing in on the ever-shifting attitudes expectations and preferences of real-life consumers. And this led him to an investigation of money and payment systems.
Up until Menger’s time, it was assumed that money – and payment systems – had been imposed by the state. No, he argued, payment is a social phenomenon. Just like language, it has evolved to facilitate interactions between real people. And it will continue to evolve – as buyers and sellers gravitate towards the optimum combinations of simplicity, efficiency, security, and cost.
Payment will never be static, said Menger. As the human condition evolves, so too will payment systems. If consumers see the option of a more convenient form of payment, they will automatically gravitate towards it. And you can see this reality playing out across the world today – people are not just gravitating away from cash, they are also gravitating away from card-based digital payments.
As outlined in the paper, Boku has worked with Juniper Research to analyse ecommerce payment data from 37 major markets worldwide
Find out more. Download the white paper now.
This White Paper is written by Payments Cards & Mobile on behalf of Boku. To find out more about our Products and Services contact us today:
Alex Rolfe – Managing Director
alex@paymentscm.com
Wendy Sanders – Business Development Director
wendy@paymentscm.com
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