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Cash will be eliminated: 20 billion devices in 2020 will enable digital payments

By 2020 there will be more than 20 billion devices and articles connected to the Internet of Things (IoT); This is detailed in a study conducted by the division of innovation and design of the payment company, Visa, which sees in this figure a great potential to enable everything concerning digital payments. “Everything that can be done to eliminate cash and boost digital payments is a win-win situation”

Ariana Gómez, senior director of innovation and design for Visa Mexico spoke, in an interview for Mundo Ejecutivo, about Visa’s first Innovation Studio in Mexico; Here, we seek to bring together companies that add value to their clients by creating solutions that solve specific problems.

“Mexico is the number one country in innovation of business models, there are 400 million connections of mobile devices in the country, this tells you about the digital thing that users are becoming”, points out the directive, fact that consequently brings other demands: “There is fertile land to be able to respond to market needs”.

The present analysis was conducted with American Market Intelligence (AMI) to understand the state of innovation in Latin America. They interviewed 80 financial institutions, trade (both e-commerce, retail) and the Fintech sector, to know how they innovate.

The importance of digital payments

For Ariana Gómez, the most important business innovation is the effort to implement a digital payment system: “we are eliminating cash and putting digital payments on the table as a first option, to give security and transparency to people about how money is flowing “.

“Everything that can be done to eliminate cash and boost digital payments according to all users seems like a win-win situation and adds more value to people and the economy,” he explains.

Within the new Innovation Studio, various “co-creations” will be carried out aimed at solving specific problems of the different institutions. “We are like a knowledge hub, a global collective connector available to all our customers in Mexico.”

The project is also aimed at provoking a change in mentality: “we are developing internal capacities that can also be a source of inspiration for our clients, generating disruptive thoughts, and thus teaching them where the future is where they can play and evolve their business”.

Published inFintech

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