We have become so used to paying with card and by contactless that to exchange this for something now seems strange. Indeed, that’s often how big financial changes happen – so gradually that we don’t notice that things have changed until we stop to think about it. With so many people won over by the idea of using cashless methods, could this have some indication as to what the future of digital payments might hold? With many reticent to fully go digital, what can be done to speed this along?
A study from the Bank for International Settlements (BIS) found that attitudes towards digital payments have been gradually growing and the industry looks to be making significant progress changing minds. Specifically, the report highlighted central bank digital currencies as the next step in the revolution of payments. These refer to virtual money or a cryptocurrency of sorts which is tied to national banks. This would negate the benefits of cryptocurrency, suggest some, while others are open to the forward-thinking progress.
Popularity for the digital payments industry is growing. This in turn will help the industry proliferate further into the mainstream and become a viable option for those who might want to engage with their finances differently. With a two-pronged approach from the banks at the top and the people at the bottom we can begin to see a greater push for digital payment methods. Being able to use contactless payments and alternative forms of digital payment is just the start – and is already clearly very popular in some sectors.
For example, the online casino industry allows payouts and deposits to be made by both conventional means and through e-wallets. This may help undecided customers choose a site they prefer based on the kinds of payment method they want to use. Indeed, when customers are looking for a casino site, they might look into welcome offers, types of game, and more from bonusfinder.com, with the payment options outlined to help make that decision too.
Moreover, many people have signed up to digital banks such as Monzo or use digital peer-to-peer transaction methods such as Venmo. The spread of digital-first banks provided solutions to problems we had when dining with others, when attempting to repay friends, and when analyzing our expenditure. The features of these digital banks have shown what a fully digital system can mean. Many have discovered issues with their spending through digital banks, which can be rectified with the apps which allow for better budgeting.
Paying for public transport and car parking was once tied solely to cash but can now be done through digital means without a second thought. The industry is therefore growing at a slow pace, but one that seems to be all-compassing. As with most changes to the way things are done, this must be the case. The digital payments industry is proving its usefulness and people are already engaging and finding ways to make it work for them. One day we’ll realize that we are solely digital in our payments and not be able to pinpoint exactly when we last handled cash.