Tue. Apr 23rd, 2024

The world as we know it would not be the same without technology. We eat, sleep, and breathe the latest gadgets, shaping the way we communicate, travel, work, and go about our daily lives. Technology will only continue to advance, making it imperative that we keep up with the latest changes in our society. One of the main ways that technology has changed our way of life is through how we send and receive payments via digital payments

How Payments are Changing

The COVID-19 pandemic turned all of our world’s upside down. When lockdown hit, most people were forced to stop working, stop interacting, and stop their daily tasks as they had been used to doing for so long. With this came the need for contactless payments. Digital wallets like Venmo, Cash App, and Paypal became the norm, making it exponentially easier for people to perform necessary transactions while social distancing. Now, in a post-pandemic world, these digital wallets and other forms of cashless payment options have only become more popular. In fact, studies show that over 40% of Americans do not use cash in a given week. Especially now with the birth of cryptocurrency and central bank digital currencies, the possibilities for managing money are endless.

Cryptocurrency, specifically the ownership of bitcoin and NFTs, has taken off in recent years. So much so, that the worldwide crypto payment value reached nearly $10 billion this year. Similarly, Paypal has seen incredible growth, garnering 431 million users, according to Statista. Both of these new forms of digital payment have affected industries and individuals across the board, as they cater to a wide variety of wants and needs.

Whether it is a legality battle, or a fight to move into the online space following the pandemic, the casino industry has had its fair share of hardships. However, now thanks to the digitization of money, casinos are able to take advantage of online payout for their users. In 2023, this type of payout is now legal in specific areas within most countries and continents around the world, including Europe, India, North America, Ireland, Japan, and many others. These payouts rely on entities like BankID, Trustly, or Plaid to operate, all of which are other services that have bloomed due to the digitization of money.

The Rise of CBDC’s

Central bank digital currencies (CBDC) are a digital form of fiat currency that also aid casinos in distributing payouts online. Over 10 countries have adopted CBDC, over 50 are in the advanced planning stage to adopt, and over 45 countries are committed to researching the topic. Studies have shown that 26% of people around the globe gamble online on any given day, only further proving why these popular industries are benefiting from cashless operations.

Many may still be wondering, after all of this change, what comes next for the future of payment? According to experts, the future is bright across the board. Nearly all global regions have seen an increase in payment revenues, garnering billions that are only expected to increase in the coming years. The asian-pacific territory has seen the most growth since 2020, with North America, Europe, and Latin America following closely behind. The MEA region, encompassing the Middle East and Africa have also seen growth, with more being projected up until and past 2025. 

Conclusion

There are several factors that have led to the success of digital payments, most of which can be attributed to the general evolution of technology in our society. We now have greater distributed workforces, have better control over cybercrime, and have put an increase in importance on real-time payments. Digital wallets have also become a necessity for most people, and the concept of buy now, pay later, has become a tool for any ecommerce consumer. Services like Cash App, Paypal, and Venmo have made it so easy to send and receive money, driving people to ditch their cash once and for all.

These numbers show very clearly that the days of paper and physical payments are long behind us. Cashless transaction volumes are expected to more than double by 2030, catering to the modern consumer and the modern industries as well. The future is here, and it is guaranteed to be here to stay. The only question that remains is, are you ready?

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