This share prices have a 15 minute delay and are shown in the local time of the market in which the quote is displayed.
Last update: 12/11/2020
New payment methods have been used in society for some time now. With this global coronavirus pandemic, they have become more popular, giving a boost to the digitalisation of money. Francisco D'Souza, senior adviser at Banco Santander, explained the keys to this phenomenon with the concepts of "fast money" and "slow money" in his remarks at the 2020 Santander International Banking Conference.
What is money? It’s a representation of value based on trust. Its closest relationship is with people as the only ones who can transact with it. According to Francisco D'Souza, senior adviser at Banco Santander, it’s important that we look at money from two angles: "fast" and "slow".
What does that mean? "Fast money" refers to things we pay for every day, like bills and food. "Slow money", however, comes from things we pay over time, like mortgages, investments and life insurance.
As D’Souza mentioned at the 2020 Santander International Banking Conference, understanding what moves us to spend each type of money is key.
How do we digitalise "fast money" and "slow money"?
Convenience, according to D’Souza, is part and parcel of "fast money" payments. The digitalisation drive spurred on by the worldwide covid-19 pandemic has given rise to new payment methods which, by design, make these transactions faster and simpler. Now, "fast money" will move in a split second through immediate payments, so much so that D'Souza even ponders if we’ll be able to apply for a loan when paying for something.
"Slow money", on the other hand, is digitalising differently. According to our expert, it involves the trust in brands and institutions that underpin long-term transactions.
Both types of money are experiencing widespread digitalisation, affecting every person and every business. The experts at the 2020 Santander International Banking Conference believe everyone needs to start thinking about special systems and new payment methods to hold their own in the digital economy. This is Santander’s goal as we strive help broader society prosper.