More and more people are now live in this cashless reality. It’s no longer strange to pay for a pack of gum through swiping a card or using a mobile phone app.
David Wolman, a contributing editor at Wired and the author of ‘The End of Money’, believes that the most impactful aspect of smartphones is the applications that have turned the devices into seamless wallets, remittance, and payment tools that have granted financial inclusion and convenience to billions of unbanked people around the globe.
Tech companies that specialize in mobile peer-to-peer payments are pushing cashless payments to the mainstream. Alipay by Ant Financial, Venmo by Paypal, Go-pay by Go-Jek, and WeChat Pay by Tencent, now provide cashless payment services to billions of people in three of the most populous countries in the world.
What does the increase in credit card and payment apps use portend?
An increase in credit cards and payment apps use heralds a new way of doing business where we will no longer use paper money.
Also, recent research shows that millennials don’t trust banks. And according to report on Securities Research & Analytics from June of this year, “As data becomes the new currency, financial institutions will be willing to forego transaction fees to get rich digital information on their .” These two factors (lack of trust, and low transaction fees) will also help hasten the of cashless means of payment.
Governments too are increasingly becoming advocates of cashless transactions. For instance, the Singaporean government is striving to reduce cash transactions by supporting several digital payment initiatives like PayNow — a cashless payment system being implemented by the Association of Banks in Singapore.
Since the introduction of PayNow, the value of cashless payments has risen to S$10 billion a year, and within the same time frame, cash withdrawals have declined by over S$300 million
How will fit into a cashless society?
of cashless transactions is likely to catalyze of -based cashless payment systems. The advantages of are clear — the payments are immediate, safer, cheaper and semi-anonymous.
So, as solutions that allow digital currencies to be exchanged with seamlessly and inexpensively emerge, like will be increasingly be seen as the best currencies to transact online. The will facilitate activities like remittance, , and e-commerce.
And as a bonus, may help bring billions of unbanked people across the world into the global gig economy.
What are your views in these emerging trends in the crypto world? If you’re a enthusiast and you want to share your views and vision on developments in cashless payments and , join CrypTalk today.
Published at Mon, 20 May 2019 12:17:56 +0000
