The Rise of Digital Payment Systems

Hello, my fellow smuggling academic weapons and welcome back. 👋

This week we are hitting off the topic of digital payment systems and how they have become so common. Before you turn off and stop reading think for a moment have you ever thought about how much we reply on them? Tapping our phones and online shopping. These new technology and payment systems including mobile wallets e.g. Apple pay, Google wallet, bank transfers, contactless payments and many more. These payments methods have made peer to peer transactions, retail and e-commerce so much easier that most transaction can be done in one tap or scan. 

Is cash still king like we were always told? I am 23 and personally I rarely have cash now due to the convenience of having everything I need on my phone, and this is the way most younger people think (I am talking about under 55). 

Digital payment systems and the use of online banking, shopping and payments is growing and if we wanted would never have to leave our homes most day to day items can be sources online e.g. food shopping and home delivery.

They increase security through encryption and two-factor authentication. This can reduce fraud which allows customers to feel more comfortable. Business also benefits from this shift due to faster transaction, higher security and being able to reach a more global market.

The growth in shift from cash to digital was seen when Covid-19 hit as the fear of passing the infection increased. This transition along with smartphones and digital devices being more accessible than traditional banking infrastructures allowed for digital payments systems succession the market. 

Here is to the future of digital! What do you think of digital payment systems? Do you miss cash? 

Till next week! 😁👏

Read more:

https://www.irishexaminer.com/lifestyle/people/arid-41259700.html#:~:text=Half%20of%20those%20between%20the,on%2Dthe%2Dgo%20refreshments.

https://www.emarketer.com/insights/digital-payment-services/