Gen Zers don't know a world without digital payment technologies. Yet, cash is still a critical part of their everyday lives. eCash is an opportunity for banks and neobanks to boost these young customers' financial literacy, empower them, and earn their loyalty.

Consumer demand for online cash payments is on the rise. Merchants who accept it at the online checkout stand to gain a significant competitive edge.

Despite being home to some of the biggest names in the industry — N26, bunq, and Vivid Money just to name three — the DACH region has lagged behind the rest of Europe when it comes to neobank adoption. Could accepting eCash move the needle as we emerge from the COVID-19 pandemic?

On 1 October 2022, a significant change will occur in payment services in Switzerland: the paper payment slips, which are often referred to as paying-in slips, will be discontinued.

eCash will solve the problem of cash-reliant donors and enable them to support charities without the need of having credit or debit cards. COVID-19, war in Ukraine, rising costs of living – those and further issues have hit the nonprofit sector badly. Here is how offering eCash as a payment option will solve the problem of cash-reliant donors and enable them to boost charities with cash.

For both fintechs and incumbents, a stand-out customer experience is increasingly synonymous with digitalization. But a truly inclusive financial system should be accessible to everyone, including those who predominantly rely on cash.

Throughout the 2010s, governments and international organisations pushed harder than ever to boost financial inclusion.

Student loans. Car loans. Housing loans... Fresh out of a global pandemic and with inflation at historic levels, it's increasingly difficult for the average American to keep up with their ever-expanding list of financial obligations.

Massachusetts blazed the trail in 1978, making it illegal for businesses to refuse cash payments back when debit cards and credit cards were still rare and digital wallets were the stuff of science fiction.

Most Americans think a college education is important. But for a growing number of young people, the cost of attending and obtaining a degree is increasingly prohibitive.

If you run a highly digitalised business, you might not think about offering cash as a payment or an account deposit method for your customers. In the discussion with Greg Williams, Deputy Global Editorial Director at WIRED, Robert Albrecht, Head of Paysafecash, explains why it can make you more open towards the needs of your existing customers and help target new ones who are partially or completely cash-reliant.

Digital banking continues to challenge traditional financial services, but the competition for customers is getting fierce. So who will come out on top?

Over the past two years we have seen a rapid digitalisation of consumers and businesses, which has been driven by (but isn’t an exclusive consequence of) the COVID-19 pandemic. And as we look ahead to the future this trend is only going to continue.

Financial inclusion has turned into a flagship goal many companies strive to support. In the Leaders in Payment Podcast Jan Marc Kuelper, VP eCash USA at Paysafe, and Jean-François Brissot, Chief Product Officer at RentMoola, discuss with host Greg Myers what it means to drive financial inclusion in the rent industry and how eCash can simplify the process.

It used to be clear that the differences between neobanks and high street banks were very identifiable.

Both consumers and merchants have proved they’re eager for change in financial services, but what we’ve seen since PSD2 is just the beginning. We look beyond the opening up of APIs to see what sort of next-generation payments will satisfy demand as innovation in open banking gains pace.

Different approaches to banking connectivity around the world mean we’re still way off achieving global instant bank transfers. What will get us there? Creating frameworks that transcend geographic boundaries, agreeing on standardised APIs, and building partnerships between banks and payments companies at local levels.

Whether you're buying online or at your local convenience store, there are plenty of ways you can pay. But while customers have become accustomed to this plethora of payment choices — and most won’t complete a transaction[1] if their preferred method isn't available — it seems none of us are ready to give up cash for good.

The media has proclaimed that cash usage is in a downward spiral for at least a decade. But while it's true that more people are using contactless and other digital forms of payment than ever before, the claim that we don't need cash anymore is misguided. If anything, now that the COVID-19 pandemic has sped up digitalisation, understanding the importance of cash is even more relevant and critical if we want to live in a healthy and inclusive society.

Paying for a vehicle can be done in more than one way. So why do Americans decide to take auto loans, and how do they want to pay them back?

While the financial services industry has been digitalising at a rapid pace, the remittances market was one of the last holdouts.

According to the World Bank, financial inclusion means having access to financial products and services such as transactions, payments, or savings which are necessary to fulfil an individual’s or a business’ needs. But why is financial inclusion an important topic for payments companies? And why is the digitization of cash so important to boost financial inclusion and diversity? Here is what Robert Albrecht, Head of Paysafecash, thinks about it.

Consumer habits and expectations continue to change when it comes to online payments. Reacting to this is critical for businesses, and that begins by offering more digital payment methods.

Recently on the Paysafecash Blog* we commented that before the global pandemic, 82% of rental payments in the U.S. were paid via a check or in cash. And COVID-19 has created many crises, but not being able to pay rent on an apartment or house has become an essential issue for many Americans for more than a year. In this article we ask Jan Marc Kuelper, VP for Strategic Development of eCash in the U.S., why eCash payment solutions could alleviate these housing issues resulting from the pandemic to some extent, not only for renters willing to pay in cash but also for property managers collecting rent payments.

The pandemic has driven consumers away from stores and businesses for the majority of the past 15 months. When we go back to normal, will the role of cash change?

The impact of COVID-19 continues to be seen and felt across the globe, including significant blows to the global economy. Social distancing measures have forced the closure of many businesses and caused unemployment to soar. Even people who have been consistently working throughout the pandemic have struggled, and found themselves living paycheck to paycheck, especially in the United States where 63% of the society faces this issue*.

While challenger banks have captured the imaginations of increasingly digital-savvy consumers, we're a long way away from mass adoption.

The economic impact of the pandemic has hit many American consumers and businesses hard, and some of those worst affected are the unbanked and their communities. Addressing the issues of financial inclusion must be a priority in the post-COVID-19 recovery.

Financial inclusion is a priority around the globe, but in many regions the divide between the percentage of men and women that are financially excluded is growing. So what can be done to close the gap?

Being dynamic and agile, particularly in the pursuit of better user experience for customers, is a common trait of digital banks. This is key to their competitive advantage when compared to traditional banking. And while cash consumers seem to represent a rather conservative demographic as it relates to financial services, this group is an increasingly attractive target for digital banks, especially during the global pandemic.

The economic impact of COVID-19 has shaken the US housing market for renters and landlords. It has destabilised the relationship between the two, and much remains uncertain even as the US begins to plot a course beyond the COVID-19 era.

The impacts of COVID-19 continue to be far-reaching beyond the immediate public health disaster. Foremost among these are the economic consequences of the virus and the social distancing measures that have been in place across the globe for the best part of a year in an effort to contain the spread.

It has been an unexpected year in so many ways, not least how people have had to rethink how they spend money and interact with businesses. COVID-19 changed our industry in ways we could not have imagined it would in 2020, and will continue to be an influence on payment trends for many months to come. With that in mind, here are four trends we expect to carry over from 2020 and play a big role in shaping the online payments in the next 12 months.

In the wake of the pandemic, more US consumers are making digital payments than ever before. But that doesn’t mean they’re leaving cash behind, with many seeing eCash as the solution to many of their concerns when it comes to paying online.

As we discovered when we asked consumers[1], COVID-19 and the social distancing measures many countries have put into place to combat the virus has impacted the when, where, and importantly how they are spending money. The shift to eCommerce is one clear and potentially unsurprising consequence; many people (42%) are shopping online more frequently and a significant percentage (18%) of consumers have shopped online for the first time since the COVID-19 outbreak, and this is in turn is affecting the payments methods they use. But there are other reasons habits are changing.

COVID-19 has accelerated trends in many industries, including payments. According to data from our latest research report Lost in Transaction: How COVID-19 has reshaped the SMB Checkout, 76% of businesses have actively noticed a change in the way consumers are making payments. This, in turn, is accelerating businesses own plans to evolve their online checkouts.

There is no doubt that regional payment preferences are a globally identifiable trend that, if anything, is becoming more pronounced as the payment industry evolves. And for both businesses with a physical presence and those that are online only, recognising this trend and developing a checkout strategy that aligns with the payment preferences of target consumers is imperative.

Online businesses are focused on retaining the 18% of consumers that have spent money for the first time during COVID-19. Addressing these customers’ concerns with online card payments by offering alternatives is vital.

Kiosko, Circle K, Farmacias del Ahorro are just a few popular retail outlets in which Mexican customers can now pay with cash for their online purchases. In July 2020 Mexico joined another 28 countries in which Paysafecash has successfully been launched as an innovative eCash payment method.

Almost 50% of Generation Z (Gen Z) consumers, aged 16-24, now shop more on mobile than on any other device, making them the leading adopters of mCommerce. With that trend expected to grow, how can businesses better respond to their shopping needs?

For some consumers, repaying a financial loan with cash is the most logical and convenient method. So should more lenders be offering this solution?

Do digital banking and cash create two parallelly existing worlds? The cooperation between Monese, one of the fastest growing, most popular and trusted banking services in the UK and Europe, and Paysafecash shows that those worlds not only complement each other but also offer more choice and flexibility for customers with different needs and payment preferences.

Paysafecash opens the door for its easy and convenient eCash payment to another promising European market. 4.2 out of 7 million Bulgarians who use the Internet on the regular basis[1] will now receive the opportunity to make their online purchases with cash at online merchants who integrate Paysafecash into their payment systems.

Integrating cash into eWallets is critical to attracting consumers that are new to the world of online payments.

There is still a significant role for cash in the payments ecosystem, but with consumers increasingly relying on eCommerce in the wake of COVID-19, will their relationship with cash change? And if so, how?

In April 2020 Latvia joined the group of 26 countries offering Paysafecash as a convenient online payment method for cash-based buyers.

As the world continues to adjust to a temporary ‘new normal’, the social impact of COVID-19 is beginning to have a significant effect on everyday behaviour, most notably in countries where governments have imposed the most severe social distancing measures. Approximately a quarter of the global population was being limited in its activity in some way when India Prime Minister Narendra Modi announced that there would be a restriction of movement in the country for 21 days. This percentage may even increase in the coming weeks.

We wanted to inform you, that we have implemented all precautionary measures to ensure the health and safety of our people, and the continuity of our operations and services to you.

The growth of digital only banks such as Monzo, Starling Bank, and N26 as legitimate challengers to high street incumbents is one example of traditional financial services becoming more digitised.

The US is leading the charge to prevent retailers from having the right to refuse cash payments. Will we see this trend cross the Atlantic to Europe any time soon? And how might this affect eCommerce?

Five predictions that will impact how consumers use cash in the next 12 months

The rise of digital-only banks is perhaps the most significant impact on the banking sector in a generation, or even longer. New competitors such as N26, Monese, Starling Bank, Monzo, and First Direct have revolutionised how consumers interact with banks and their products, providing genuine competition to high street banks that have monopolised the industry to date.

Since September this year, the leading in-store payments technology provider PayPoint has partnered with Paysafecash to bring online cash payments to the UK.

Credit cards may be over a century old — the first ‘credit cards’, which customers could use to buy on credit from shops on an approved list, were issued by the Provident Clothing Company in 1880 — but they’re still massively popular.

For consumers and utility companies, increasing the number of ways to pay a utility bill online offers a mutual benefit. Meeting consumer expectations for alternative payments and providing a more frictionless customer experience will not only result in more brand loyalty and increase the likelihood of bills being paid on time, it is also a differentiator for suppliers and grows their target market.

For some consumers, the only purpose of a paper payment slips or bills is to type the details printed on them into their online banking app. But what about customers who either don't have an account or have no interest in online banking? The number of bank branches with counters and staff is rapidly diminishing. With Paysafecash, you can pay these bills immediately using cash.

Thanks to Paysafecash‘s new Invite to Pay feature, merchants can now take cash payments over the phone as well as through their online checkout. A call centre employee simply sends an email to the customer with a link which they can use to generate a Paysafecash barcode. They can then take this to their nearest Paysafecash payment point and pay for their order securely with cash. And of course they don't have to reveal any bank account or credit details in doing so. This opens up exciting new opportunities for customer acquisition and payment processing.

The travel and airline industries lose more than US$20bn every year through the fraudulent use of credit card data. Robert Albrecht, Head of New Business, Paysafecash, sheds some light on three ways Paysafecash can not only help mitigate that situation, but also help travel agencies and airlines acquire new customers.

Having convinced three impressed investors to part with 125,000 Euros on a television show to back his business venture, 15-year-old Moritz Lechner is one of Austria's youngest entrepreneurs. The fact that Lechner and his team are integrating Paysafecash, the new eCommerce payment method from paysafecard, shows how important innovative payment solutions such as online cash solutions are for up-and-coming companies to reach new customer groups.

There are many good arguments for paying with cash as often as possible – including on the internet. It's no accident that cash is easily, the most popular German payment method; 74% of all in-store transactions in 2017 were made in cash. The volume in circulation is increasing and there is no better payment method when it comes to data security – simply because its use requires no sensitive data to be shared.

Paysafe’s latest whitepaper argues that the evolution of the travel industry compels businesses operating in this sector to strongly consider upgrading their checkouts by offering more payment methods.

Access to eCommerce remains out of reach for 130 million Europeans. Increasingly, this means they’re unable to participate in the mainstream economy. Could enabling them to pay online using cash help close the gap?

With Paysafecash, Paysafe is offering a new, secure and simple payment method for online purchases in Greece, for virtually any area of the retail space. Paysafecash was developed by the same Paysafe team who created the award-winning, prepaid cash solution - paysafecard, a global leader in the online prepaid payments industry. Paysafecash is already available in more than 20 countries.

The ability to shop online and pay in cash at a tobacconist is attracting new customers and additional sales

With Paysafecash, Paysafe is offering a new, secure and simple cash-based payment method for online purchases in most areas of ecommerce. It is now possible to buy things online with Paysafecash at 730 petrol stations across Austria.

In February 2019, Paysafe launched Paysafecash in Switzerland, a secure and simple payment method which enables consumers to pay for online purchases with cash. Paysafecash was developed by the team behind paysafecard, a global market leader in online prepaid payments.

This is how we pay in 2019: The next 12 months look set to deliver rapid change in the world of payments, particularly when it comes to paying online. Paysafe Group – including its Vienna-based subsidiaries, paysafecard and Paysafe Pay LaterTM, sees six decisive trends to look out for during the coming year: