How the Future is Shaping Up for Cashless Payments
BY: VESELINA DZHINGAROVA ON MONDAY, MAY 08, 2017
Do you know what are the most widely and frequently used financial products in the modern world right now? The answer to that question is cashless payment options. They have changed how business works forever by simply boosting one’s purchasing power at any one time and making cash transactions unnecessary most of the time. The financial revolution was initially started by the likes of Visa and MasterCard, but the world has since moved even further on that road with more and more local and international e-payment options becoming available to users with each passing year. Let’s now take a look at the future of cashless payments.
The Credit Card Will Likely Have a Tough Time
Credit cards have and still do dominate the world of cashless payments and many of the e-payment options do depend on them largely to carry out the services which they provide. However, the debit card has also become more popular and more powerful than ever in the last few years. Most transactions that could previously only be completed with a credit card can now be completed with a debit card as well. The advantage of the debit card is that it doesn’t charge you interest and it helps users to keep a tab on their spending habits.
Additionally, mobile payment solutions that offer the same facilities as debit cards by linking themselves directly to your bank account are also growing in number and popularity. Then there are the real credit card killer solutions like Affirm from PayPal, which is offering point-of-sale EMI payments and credit loans at a cheaper rate of interest than traditional credit cards.
The Rise of the Cryptocurrency May Finally Happen
Cryptocurrencies have been in and out of the news a lot lately, but the situation is such that there is a chance they may finally bring about the revolution which they have been expected to for quite a while now. Bitcoin does have the potential to change the very infrastructure of not only how payments are made but also the transfer of monetary value in all sections of finance everywhere. Cryptocurrencies are the next step in improving and stabilizing the aging financial infrastructure and the likes of Visa and NASDAQ have already started to develop ways in which Bitcoin could be integrated into the industry with large scale implementation. To find out more about Bitcoin and the tremendous opportunities it holds for everyone, head over to CoinGeek.
Cashless Transaction will become More Mainstream in Developing Countries
If the recent trend set by India under Narendra Modi is any indication of things to come, then it would be safe to say that many developing countries will now be taking initiatives to strengthen their economy and cut out black money from the equation by popularizing cashless payments. The Digital India Movement by the current Indian government has paved the way for multiple cashless payment options to open up in the country for merchants and customers. It is expected that similar steps will soon be adopted by other developing nations in Asia and Africa as well, which would ultimately take the cashless revolution another step closer to completion.
While these predictions are based on facts and analysis of the current situation, it is possible that they may be further away than we are currently anticipating. With so many factors affecting the world economy on a constant basis, that would not really be surprising at all. Nevertheless, this is what the future of cashless payment looks like right now.
Image via Shutterstock