To find the most cutting-edge payment innovations, look to China and India, says Deborah Baxley, partner at PayGility Advisors. Just in the last decade, China has leapfrogged from an all-cash economy to being “nearly cashless” in urban areas, where Chinese consumers have widely adopted mobile apps like WeChat and Alipay. India has seen an equally dramatic shift towards mobile pay, in part as a result of the government’s 2016 decision to pull certain small denominations from cash circulation. Fintech investments in China and India, Baxley says, are shaping up to play a pivotal role in the future of global payments.
Deborah Baxley is a partner at PayGility Advisers, a payments industry advisory and strategic consultancy. Previously she was a principal at Capgemini and a partner at IBM. She is also a member of the Federal Reserve System’s Faster Payments Task Force, a group of experts and policymakers charged with identifying best practices for implementing safe, fast, and ubiquitous payment technologies across the United States.