The rise of digital payments is rendering cash extinct. Is your brand ready? Here's how to prepare for this major shift.
Can you imagine a world without cash? The reality is closer than you think. Cash is expensive to produce, collect, and recycle, leaving some to wonder why in this digital world we're still even dealing with it. Also, consider that half of the world population is not banked, but people in those areas still have access to their mobile device.
What opportunity has this perfect storm created? According to the global CMO of MasterCard, our smartphones will soon become the main way we pay for goods and services, and cash will go extinct. Here's what you need to know to prepare for this groundbreaking shift.
0:00 — The "Priceless" MasterCard platform
0:30 — Bring the brand closer to personal life
1:00 — Translating the brand philosophy into brand experience
1:30 — What about the customer experience
3:00 — 85% of transactions are still done in cash or checks
3:45 — No bank, no problem
4:30 — Modern infrastructure around the world
5:15 — 2013 will be the year of...
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Alfredo Gangotena is chief marketing officer of MasterCard Worldwide, with global responsibility for the company's advertising, sponsorships, promotions, research, insights and digital marketing initiatives.