As the youngest, tech-savvy generations approach adulthood, the effects of these phenomena are bound to become even more significant than they are today. The digital transformation of our society has also changed the type of payment instruments we use. Indeed, the more we use digital distribution channels in our consumer expenditures, the more we need digital forms of money to pay for these transactions.
In itself, this is not unusual; the world economy has tended to experience a downturn every 7-10 years. The current global downturn is, however, more severe than we have experienced for a long time. This is because in some important countries a banking sector crisis has been overlaid on the regular economic cycle.