We can live without cash. We always bring our own smartphone and pay the fee with smartphone pay like Apple pay, PayPal, Samsung Pay. Also we can pay through the QR code due to Alipay, WechatPay.
Developing digital pay ecosystem, much platform company get into enter the pay market. The competition become strong in these days.
Why? Platform company want to gather user as much as they can and need your data through developing digital pay system. Data is precious thing like gold in 21 century.
They can use their user data and they make revenue by showing personal advertisement on each users. They offer various services to their users so they don’t want to miss out users and lure another users.
They should enrich their business scope as much as they can and make world empire because there are Winner Takes All thesis in the platform business.
Digital Pay system market will become aggressive competition. In the future, Digital Pay can alternate with cash.