How Fintech Will Help Lower The Risks In A Cashless Society [Opinion]

Millennials, it turns out, are quite good at making predictions. Visa’s 2012 Connecting with the Millennials report revealed that eight out of ten millennials interviewed saw a not-too-distant world where they could do all of their shopping and pay their bills online, and 73 percent thought this would be done via smartphone.

Just five years later , these predictions are becoming reality — and millennials are leading the charge. Banks are being forced to advance technologically due to competition from tech-savvy challenger banks, and fintech players which are providing a range of digital banking and cashless payment options.

Millennials have a love-hate relationships with traditional banks. In a recent Viacom survey, 33 percent of millennial respondents predicted that within the next 5 years, they would not need to use traditional banks, and 73 percent stated they would be more…

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