As we move further and further into the digital age, the way we conduct our everyday lives will continue to change. From how we communicate, to how we drive, to how we buy our groceries, the advancements in technology over the past two decades has been unprecedented. Another facet of our everyday lives that has been affected by this paradigm shift is how we make payments. The world as a whole is moving towards a cashless payment system, relying on digital forms of transaction to get by. This change is paving the way for the modern consumer, leaving businesses and individuals no choice but to follow suit.
Are We Moving Away From Cash?
Research has shown that over 40% of Americans do not use cash in a given week, which is a number that is expected to jump to 50% by 2025. Cryptocurrency has also gained traction in the public space, reaching billions of dollars in value in 2023 alone. The widespread availability of digital wallets has also changed the way that many people go about their daily lives.
A specific industry that has been able to capitalize on the digitization of money has been the casino industry. Online casino gameplay has rapidly become the preferred method of gambling for many across the world. Now, thanks to applications like Paypal, online casinos are able to offer online payout options for their users. Also, many countries have adopted central bank digital currencies, which is another international form of transferring money quickly and efficiently.
The Rise of Digital Payments
The widespread adoption of digital payment options has left many experts hopeful for the future. Since the pandemic, which is considered the catalyst for this change, nearly all global territories have seen an increase in payment revenue. The factors influencing this have been identified as the birth of digital wallets like Paypal and Venmo, and the demand for buy now, pay later options, to name a few. Experts even say that by 2025, 53% of all ecommerce transactions will rely on digital wallets. However, there are already several accessible ways to send and receive money, like Venmo, Paypal, or Cash App, credit and debit cards, or even account-to-account transfers.
The future of our finances is officially here to stay, and it is clear that the days of slow and cash-driven transactions are long behind us. With this evolution, we are actively paving the way for the newest and most efficient way to handle our money.