The rise of digital payments

 


    The choice of convenience is no longer feels like a choice, in todays world, the availability of mobile phones and the amount of functionality that is crammed into them is mind-blowing. The convenience of having the ability to pay with your phone or a watch on the go is great but could also be considered dangerous. You will never carry as much cash as you might have in your Revolut or your bank, therefore the ability to stop spending money like someone else is paying is the trap that most people have fallen into. In an article published by Lisa Vasic and Nigel Dobson, they said that in 2023 alone, there has been over 1.3 trillion global transactions that were digital, and this number is expected to grow to 2.3 trillion by 2027.

    How did this come to be, and how is it that in a span of 4 years, the number of digital transactions is to double? – one of the initial drivers of this change was Covid-19. The implementation of digital payments systems was almost in every industry imaginable, with the world on a physical lockdown, people were not able to go out and spend money, and the only way to do that was online shopping. When considering digital payments, most people associate it with tapping your phone or a watch in a café or your local grocery shop but fail to consider crypto currency. Bitcoin has a market cap of over $1.2 trillion, that is a lot of money which can and is being used to pay for goods and services.

 

What would you think is the ratio of payments that you make, digital to cash?

Thank you for reading.

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