The rise of digital payment systems

 

Hey everyone!! Welcome back to week three. This week I will be writing about the rise of digital payment systems💰 In recent years, we have seen an incredible increase in the use of digital payment systems. This transition, fuelled by technological advances and changing customer behaviour, has completely altered the way we conduct trade. The rise of e-commerce platforms, particularly during the covid-19 pandemic, has fuelled demand for protected, secure and contactless payment options. Companies are spending extensive amounts of money in digital infrastructure to cater to this ever-growing market, improving the user experience with effortless checkout processes and several payment options to choose from.

Smartphones are at the heart of this transformation. We now utilise mobile wallets like Apple Pay, Google Wallet, and Samsung Pay on a daily basis. These enable customers to make purchases with just a tap, completely removing the need for wallets and purses. Mobile payments are becoming increasingly popular due to their simple and improved security features such as biometric authentication.

Due to this transformation, banking has been improved. Say goodbye to traditional banking ways and hello to online banking. No need to que up at the bank to pay rent, paying bills, transferring money with ease, and splitting expenses with your friends has never been easier. This is all down to apps such as Revolut, PayPal, Venmo, BOI (bank of Ireland) and AIB.

Despite its volatility, cryptocurrency is a significant participant in the digital payment ecosystem. Bitcoin, Ethereum and other forms of cryptocurrencies offer a secure, alternative solution to traditional money. The blockchain technology that powers these digital assets ensures transparency and reduces the risk of fraud. This makes cryptocurrencies and encouraging option for both tech-savvy people as well as businesses. I have inserted two videos below with more information about blockchains and cryptocurrency:

As we look into the future it is clear that digital payment systems are not just a trend but the new norm. So, lets embrace the change and tap into the future of payments and transactions.