The cash in circulation declines every year as more and more people opt for digital-only payment methods and businesses. Because of this, service providers strive to further facilitate this. The growth of digital means has allowed almost anyone to analyze stocks and shares, and to begin their investment journey. When it comes to making investments, finding concepts and trends that will be popular in the future is better than selecting individual companies or commodities. Facebook succeeded, for example, because it responded to a growing trend of a need to communicate instantly with people we know; spawned from the rising success of MySpace and MSN. The latest of these trends is a cashless society. But is the means for a cashless society a good investment?
Digital Payments See a Boost…
Industries across the board are seeing a rise in options for people to use modern payment methods that go beyond simple bank transfers or cash payments. Skrill and Neteller are widening their reach, with more companies offering the use of the e-wallet payment providers. Even Etsy shop users can set their payment methods to these digital means. The increase in people opting for digital measures means that a cashless society could be a worthwhile investment. There is clearly an audience of people interested, and that looks only set to grow.
Indeed, e-wallets have gained popularity in the online casino industry. As comparison sites for online casino bonuses show, their explanation for what makes a strong site often includes the deposit and withdrawal methods. Many of these are e-wallets or alternatives to traditional means of cash. Moreover, digital payments in India have hit $1.34 billion in June 2020. The nation has been pushing their UPI (Unified Payments Interface) in order to expedite the benefits of a cashless society. If the success here is anything to go by, an investment in a cashless society seems worthwhile.
…But Digital Banking Hits a Snag
Digital banking is a prime example of how beneficial the industry could be, yet also how there are still some kinks to iron out. For example, digital-first bank Monzo has taken off in the UK, with many people opting for the bank account as a way to monitor their finances and analyze their spending. However, most people still retain an initial physical bank. Moreover, Monzo’s latest launch received pushback as it suggested that users pay for a premium version of the service.
The fact that digital banking can’t be monetized in the same way as traditional banking is the main obstacle in the industry’s surge. In the US, only 5% of Revolut users pay for premium. Many just don’t see the value in paying for banking services, especially when the free version is helping them do what they need. Perhaps a further push for a cashless society could result in better ways to scale up the digital banking offering. While the snag may seem huge in the present, it will likely not be significant in the tapestry of cashless society – with the idea of digital-only banking itself being inconceivable a decade or two ago.
Ultimately, a cashless society seems a fruitful investment – in the long run. While the changes won’t happen overnight, infrastructure, and applications of software that help us to exist in a cashless state, are good investments, as their needs and uses will be slowly adopted and deployed over time. For those prepared to play the long game, the journey to a cashless society is a marathon, not a sprint.