The evolution of technology across the globe is getting better and greater every day. In the financial industry, there are various innovations developed to make human life easier, efficient and enjoyable at all times. With Coronavirus pandemic, cashless innovation has proven a reliable system, a technology that fits the era and offers convenience towards the user, financial institutions and businesses bearing in mind the need to observe social distancing and reduced movements. Regardless, almost everything in the financial sector will soon be digital.
Cashless payment system/solutions replaced the physical currency in a number of ways to enhance the transfer of cash from one account to the other. Each system has unique features, mechanisms, and qualities that work together with different types of devices. Most online payment systems have become increasingly popular owing to their convenience. E-money, for instance, uses QR code that can be scanned to facilitate transactions.
As a technology evolution, the cashless payment system has led to the introduction of cashless payment apps. The evolution was further indicated by the availability of digital wallet, a system that can be used to complete transactions through a computer or a smartphone. This type is linked to a user’s bank account to complete real payments.
With the cashless system, you can check your bank balance, create a budget and then pay the bill from the comfort of your mobile devices. Currently, many scientists still make an effort to enhance technology evolution as it is the future of the world when it comes to matters finances. The beauty of the cashless payment system is that it is simple, efficient and safe.
In addition, the cashless payment method is efficient. Every individual with an internet connection and a smart device or a laptop can make the most of the technology. Today, you do not have to go to the ATM or the bank to make a transaction. You can use the most efficient app such as the peer to peer payment app to complete a transaction or to receive money. This means carrying out a financial transaction can happen anywhere and wherever you without worrying over time and place restrictions.
When it comes to safety, the cashless banking payment system is safer compared to the conventional approach. It reduces the risk of crimes including cases of bribery that is quite common with physical money transactions. What’s more, it offers a lot of offerings based on what you can really get such as discount and much more for clients to enjoy.
Less effort in accessing your Spending History
The cashless payment system is more reliable when accessing your money spending detail. All cashless payment apps are designed with an efficient and highly functional system that keeps a record of all you’re spending. As such, you can just click on the system to get a spending history of the stated period. Undoubtedly, the technology evolution is quite useful to humans and with more innovations coming, such a technology will be enhanced.
With such benefits, there are also factors that augment the rise and rise of the cashless payment system across the globe. This includes;
- Mobile wallet apps
While digitalization is a trend that is growing bigger in the financial industry, the growth of mobile wallet apps is augmenting its steady rise to the fullest. The mobile market is growing tremendously and mobile digital payments overrun traditional methods. Most mobile apps are designed to ensure enhanced security for all mobile app wallets hence, transforming the way clients handle banking transactions.
With a secure mobile or digital wallet, you can process payments easily, access the needed account information, pay for different services via an app on your smartphone and speed up the whole process. The whole concept of mobile app wallets is to ensure ease of use because you only need to download it on your phone, get an account and keep transacting.
- QR code payments
QR code technology is also a proof of technology evolution that is taking the world by storm. This is a generated QR code and follows a subsequent reading enabling you to make transactions, receive or accept payments. You can also pay or issue invoices as you exchange the needed information in seconds. QR technology is a powerful and engaging mechanism that you can easily integrate it into your mobile wallet and receive all the benefits that come with this payment system.
Clearly, the cashless payment system is being embraced across the globe. A point to note is that the digital payment system varies from one region to the other. For instance in Europe- it is the smartphone that pays with a mobile banking system penetrating across different European nations. This is attributed to the convenience and speed that come with mobile payments and advanced mobile app developments. Europe is also an interplay between Fintech and banking players while giving a leg to QR code payments.
In Peru and Mexico, it is the QR code payment system that tends to be quite popular across banking applications. Latin America also embraces QR code payment system.
Asia has set the pace for cashless payment innovation. Notably, China has taken a huge leap in regards to digital payment technologies. It is revolutionising the way payments are made with the introduction of Alipay (Alibaba) and WeChat Pay (Tencet) among other reception players. Asia is making the most of smartphone super apps to bring together different industries including businesses and online payment systems close to clients across different parts of the globe.
Furthermore, Asia, specifically China is highly committed to making solid biometric recognition payments. Alipay is an industry leader allowing for facial recognition payments in fast food establishments and restaurants. Such, are an amazing trend, proof of technology that cashless payment system will be the real deal in the coming years globally.
In Africa, the SMS payment system is quite popular despite the fact that it is one of the most unbanked regions across the globe. Today, over 21 per cent of the region’s population embrace digital payment solutions. M-Pesa is widely embraced as a mobile money solution in the region connecting millions of users who simply transact with an SMS and password. QR code payment was also launched in Africa in August 2017 to enhance virtual wallet payments.