As digital payments such as credit cards are widely accepted nowadays, one may wonder whether the payment methods of card and non-card (for example, account to account/ACH) will move in different orbits.
Will the digital payment replace the traditional payment method some day or will they just merge together and create a new hybrid payment?
These are questions people are curious about for whom closely follow the development in digital payment.
In recent events such as MasterCard acquisition of VocaLink, Visa pact with Paypal and US ClearXchange network’s announcement of signing deals with Visa and Mastercard to extend the reach of the network, it seems that the digital payment and non-card payment methods are being pulled together towards a hybrid, real time payment model.
Service providers will increasingly demand a historic review of low-value payments, pulling together payments that have traditionally been in the account to account world, such as salary, benefits, supplier and bills.