Blockchain is attracting enormous interest on the back of surging cryptocurrency valuations and increasingly high-profile payment integrations. But as a real payment currency, blockchain-based cryptocurrency still must overcome many hurdles before it can truly disrupt the space.
After the coronavirus pandemic forced issuers to adapt rewards, enhance forbearance, and build out digital tools to cope with a volume hit in 2020, they’re looking to reimagine their offerings in the future to add new customers and regain primary card status.
Reducing checkout friction: Consumers have long been moving toward demanding more frictionless payment methods, and social-distancing and sanitizing practices brought on by the pandemic pushed many to try proximity mobile payments for the first time.
It might also open the way for new wallet users, which could aid India’s growing mobile payment users: The number of proximity mobile payment users is expected to grow 15.6% annually to reach 145.5 million in India this year, per Insider Intelligence forecasts.