A cashless society is one that has fully eliminated the use of cash and has the infrastructure to support various digital payment methods. The development can be traced back to the 60s’ and 70s’ when credit and debit cards emerged. The market share of transactions using cash has rapidly declined during recent years due to digitalization and advancements in mobile technology.
Integrated payment methods
The influential forces that paved the way for cashless societies include the technology that made mobile devices have the capacity. Aside from the devices, there are applications that were developed to provide online payment options. These applications are now becoming multifunctional.to offer more than payment methods. These applications can be an e-commerce store or even that for an RPG game that has an integrated payment method.
There are fears
There are many people that fear using mobile devices to send payments as there is a learning curve. Some are afraid to make mistakes and send the money into the Internet space. There are others who fear using mobile payments because of their belief that most applications are not secure payment systems.
Secure payment transactions
Most mobile apps have integrated cybersecurity measures. Apps oftentimes provide more secure payment transactions that computers and laptops. From the end-user to the payment processor, there is safety because of the encryption of the details of the transactions. Though there is always the prevailing risk of cybercrime, security measures are being upgraded all the time.
Making money online
Mobile payments enable millions of people to earn online. From freelancer to Instagram stores, the opportunities are endless. People can earn from their website ads views and clicks aside from selling products or services. There is a multitude of income-making opportunities online that can generate enough money for a person to be comfortable. Some people become billionaires because of their website, like Mark Zuckerberg, the owner of Facebook.
Online payment options
Online payments are essential. Millions of people use online payments and there are very few who still traditional bank-to-bank fund transfer for their international and domestic transactions. It is much faster for the funds to be sent when using online payment options such as that provided by money services P2P apps. When you send money using a P2P app, it only take a few minutes for the funds to be credited into the recipient’s account.
Online payment transactions
For the economy, it is better to make mobile payments. It is not only the merchants that prosper but also the end-user that gets to save time and effort by doing cashless transactions. Mobile payments have changed the way people earn and receive their funds. The online world will continue to create more income-making opportunities as time goes by. There will be more advance payment solutions as technology levels up the capacity of mobile devices.
Don’t get left behind
If you are not yet using mobile payments, you might be losing more than you realize. The convenience of paying using an app eliminates the use of cumbersome cash and the associated risks of handling large amounts of money Mobile payments are no longer just revolutionary, it is the primary method of payment nowadays.