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Innovative solutions for a cashless society

As society walks to a more digitized lifestyle, there are also aspects of daily lives that are also changing. 

One of that is the use of cash. 

Is cash an outdated form of paying?

Keep reading to learn more about the future of a cashless Société and how innovation is driving new safer forms of using money. 

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Why it is important to innovate in payment methods?

It has been a long time since debit and credit cards were introduced as a payment method.

And plenty stories have been lived about how people doubt to use it, and we’re not confident. But within time, it was getting to be an innovation that was now common to be used. Even that, it is still incredible that now a days people don’t feel totally safe of using it. And they can’t be blamed, there has been also the unfortunate times were ATMs didn’t gave back the card, or there were some phishing emails attempting to get the card holders information to then use it.

And that in a good way has also pushed innovation to create new platforms that are safer and reliable.

It has become important to innovate in the payment processes due to the fact that consumer behavior is constantly changing. 

As more ways of buying and selling goods arise, also the payment methods are arising in different format.

Certainly, online commerce has been one of the biggest driver of change.

 

Contactless payment using smartphone by POS payment terminal

Innovation on payment methods

New online payments technologies are easing the way that companies are doing business.

Bank transfers has been another of the main usage of payments, but cashless payment companies such as PayPal, Stripe, Google and Amazon Pay, are bringing up alternatives in the form that users prefer to pay.

Of course there will be users that still prefer to pay with cash even the online services, but the steps are going to be using more devices to pay.

The wireless cards have appeared, but also the use of scanning mobile devices has been an innovation that has the similar capacity of the conventional card.

It will be a matter of some more years and as new generations come, the use of cash will be reduced more and more.

It is also happening that even big banks are not delivering cash to their users stating that they don’t have. Therefore, it also brings the awareness and questions of where is society going?

Cryptocurrencies have increased in value, but not in total adoption. Therefore it is still not viable to rely totally on using it as the best payment method.

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