What Will Survive the Future of Payments – Cash, Cards, or Crypto?
If you ask Gea Kariž, Director at Mastercard Croatia, the answer is: all of them. But as she says in the second episode of the Fintech Talks podcast, brought to you by Monri Payments and Lider Media, the key word is – choice.
“Everything will remain available. It will all come down to user choice – what’s fastest, safest, and most practical for them.”
In a world Mastercard describes as multi-rail, technology doesn’t replace the old, but rather enables different payment methods to coexist – as long as it suits the users.
In a warm yet informative tone, Gea opened up topics that affect us all – from the security of digital payments to financial literacy and the spending habits of Croatian consumers. Among them…
Is Cash Really Disappearing?
Not quite. While younger generations might one day have no real grasp of what “cash” even is, Gea says a world without physical money is unrealistic. Habits are changing, and the pandemic, she notes, accelerated the shift to digital payments.
“It might be as unfamiliar to them as a fax machine or modem is to us. But I don’t think cash will ever be completely eliminated.”
Donating – by Card
Gea also shared a charming example – an anecdote from a colleague who, while traveling in Romania, donated money in a church using a card.
“I even have a photo – it looks really cool. They had an unattended POS terminal, no person involved. You just walk up and tap your card.”
Gea also emphasizes that the security of digital payments is essential in reducing the risk of fraud and protecting consumers:
“You’re actually at greater risk when carrying cash because there’s no trace of it. That might sound romantic, but it’s not good for the economy. Digital payments help combat and reduce the shadow economy. And your digital identity comes with recovery models – offered by us and our partners.”
In addition, card tokenization, which set to become a standard by 2030, represents a significantly safer option:
“By 2030, the vast majority of cards are expected to be tokenized because tokenization is simply a more secure option than passwords. Especially now that we have multi-factor authentication and biometrics – the security models available to end users are far stronger.”
The first episode of Fintech Talks featured Zvonimir Mavretić, BPM International Delivery Director at ASEE, who spoke about digital ecosystems, APIs, and innovation in banking. You can watch it by clicking on the link.
