Of course, this engagement with digital payments for things we already do also sets the foundations for the emergence of additional digital-only services.
With that in mind, any business leader should consider the extent to which habituation with digital process creates wider opportunity for digitization across product and services development and how your business works internally. “Networks will become the catalyst for growth, profits and scale because they have the power to connect stakeholders and simplify and monetize value exchange,” wrote PYMNTS contributor and Market Platform Dynamics CEO Karen Webster.
What next?
If you think about it, the move to digital payments, and the repercussions of doing it, make even more sense retrospectively. After all, when Apple set out to replace your wallet all those years ago, that replacement also meant the company’s products and services digitized the most personal parts of most people’s existence: identity, keys, payments, mass transit — even riding a bike.