It is convenient to assume that capabilities and potential of digital payments and contactless payments are alike, when in reality one mode is inherently wired to catapult Internet of Everything (IOeT) to another level, unlike any other concept that the financial services industry has ever witnessed before.

Their mainstream (commercial versus retail) adoption is also varied, depending on regulatory and socio-economic climate. For instance, in China, not just small businesses but even beggars rely on digital payments and have crafted an ingenuous albeit questionable business model. Some well known names in digital payments space are Alipay, WeChat, Apple Pay, Google Pay, Samsung Pay, PayTM are enjoying an indomitable presence in different parts of the world.

However, their influence in redefining payments space is still contingent on regulatory and socio-economic framework. In countries such as China, where government exercises control over business operations (including privately owned), Alipay and WeChat covered significant ground due to concerted effort of the government. So much so, that these two firms now cut into profit of traditional banks and are a threat to their long term viability.