Cards to cryptos. People used to use cash for everything in the past, but today people are moving toward digital payments. They are moving to credit cards, debit cards, and even the digital currency we all have heard of — bitcoin. It’s important to look at it in various aspects while keeping a perspective of its importance in the present world economy.
Over the years, we’ve grown accustomed to paying for things electronically. Why should we make a trip to the bank, to the ATM, or even carry large amounts of cash?
Cash has become a nuisance.
Cash has become a nuisance for many living in larger cities and urban centers. It’s expensive, time-consuming, and inconvenient to carry large amounts of cash. And let’s not forget about security concerns.
Cash can be stolen from your wallet or pickpocketed from your pocket while walking down the street. If someone steals your wallet or purse with cash inside, it can be nearly impossible to get it back once it’s gone missing.
Cash is also a hassle when traveling abroad because foreign banks may refuse to exchange your currency into U.S dollars (or vice versa) if they don’t think they’ll make enough money on the exchange rate (which was usually around 2 percent per transaction).
The digital payment landscape is changing rapidly.
It’s no longer just about the mobile wallet or payments via social media.
The world has moved beyond plastic cards and cash. Today, there are many alternative ways to pay for things using your smartphone or social media platforms like Whatsapp.
You can use Venmo and PayPal to transfer money to friends, buy products online and even pay for your bills. You can also use these apps to make payments in stores that accept these modes of payment.
Digital payments are convenient with contactless cards and smartphones.
Why? The convenience of paying with a contactless card or your smartphone is undeniable.
You’ll never have to worry about having exact change again or carrying around a bunch of cash in your wallet. You can leave your wallet at home and still make purchases on the go. And it’s more secure than carrying a wad of bills in your pocket!
With digital payments, anyone can buy anything they want—from groceries to designer clothes—from their smartphone and have it delivered straight to their doorsteps.
Digital payment systems, like ApplePay and Google Pay, are more secure than cash.
Digital payment systems, like ApplePay and Google Pay, are more secure than cash. You may be thinking, “Of course they are! Who would want to leave their money in a digital wallet?” But think about it—you don’t have to worry about the cash getting lost or stolen. When purchasing your credit card at the grocery store, you don’t have to worry that someone will snatch it out of your hand while waiting in line. With digital payments, there’s no physical object of stealing, just a piece of data that can be easily transferred between devices.
So what’s the big deal? It seems pretty safe after all! The truth is that digital payment systems are more secure because they use encryption technology and other measures to protect the information they exchange. Most importantly: They use two-factor authentication (2FA), which means that even if someone gets your password or PIN code, they won’t be able to access your account without access to something else—like an app on your phone or an email sent by your bank.
Digital payments can help you save money.
Nowadays, it’s pretty much a given that you’re going to use digital payment systems. But did you know that they can actually help you save money? Here is how you can use digital payments to save:
-A lot of credit cards offer rewards programs. If you use your card for everyday purchases or make large purchases with it (like a car), these rewards programs could be a great way to offset the cost of your purchases and earn free stuff!
It is easier to keep track of how much you spend.
In the old days, you had to carry cash with you everywhere. You would have a wallet, and your coins would be in there. Nowadays, though, our transactions are mostly digital, and we no longer carry cash. This makes it much easier to track how much money we spend because we don’t have to worry about counting all of our coins or worrying if we lost any change somewhere along the way.
A digital economy is better for the environment.
People who move from cash to digital payments reduce their carbon footprint. That’s because paper and plastic are made from trees, which requires energy. Digital payments don’t require any trees—they just need electricity.
Digital payments also help reduce waste by cutting paper checks and other physical payment methods.
Bitcoin is a new entrant.
Bitcoin is the new entrant in the digital payment space and has changed how we pay for goods and services. The concept of Bitcoin is new, and there are many doubts about it. However, if you look at what the future holds for this cryptocurrency, it will become clear that Bitcoin is here to stay.
Conclusion: Cash is still around, but digital payment systems are now eclipsing it.
Whether a small business or a large retail chain, an effective digital payment system is important for your business. Your customer base will suffer when the next-door shopping mall starts accepting digital payments, and you still don’t. So it is time to move on, cash is not dead yet, but as some people call it, it will be known as the relic of yesteryear in the near future.
If you want to keep up with digital economy trends you need to partner with Payment Pilot today. Contact us for all your queries.