Prior to the pandemic, there had already been a steady growth in the use of alternative payment systems to cash – especially cards – because of both rapid technological developments and regulatory interventions to support payment efficiency and security. The revised regulatory framework and the impact of the pandemic have given further impetus to the spread of highly technological digital payment instruments.
The technological acceleration and the increase in competitive supply, in part owing to the entry of new operators, has spurred traditional intermediaries to review their business models and their strategic positioning in an ever more 'crowded' industry, by testing new solutions and expanding their range of services to the benefit of the final customer.