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Cash is Yesterday’s News: The Transformation of Payments

by Ron van Wezel, Global Head of Emerging Payment Streams, Global Transaction Banking, Deutsche Bank

The world of commerce is undergoing a digital transformation thanks to the emergence of new payments instruments. The march of so-called ’smart’ devices – be they phones or tablets – is revolutionising the way that enterprises and customers interact. Deutsche Bank’s Ron van Wezel discusses these developments, and why corporate treasurers are at the centre of this transformation.

Given society’s growing reliance on technology, particularly since the advent of smartphones and tablet computers – it is somewhat surprising that payment methods have largely failed to keep pace. While smart devices are fast becoming the platform of choice for online payments – spurred largely by the development of apps to further enhance the user-experience – paper-based payment methods continue to dominate offline.

However, there are signs the tide is beginning to turn in this respect with the development of more sophisticated payment methods.