It seems like the days of cash and coins are nearly behind us, with traditional currency now only used for 14 per cent of payments in the UK. Nowadays, it’s all about digital wallets and cashless payment options, and these may soon be the only ways to perform transactions.
There are various benefits to these high-tech systems, and business owners can take advantage of them. It’s also important to prepare for potential future developments in the fintech industry.
Online World Has Made Digital Payments Ubiquitous
While there were card payments before the internet age, the online world was the key driver in making digital payments ubiquitous. Consumers don’t have the option to use cash at websites, but many people were also uncomfortable with keying their card details online. This led to the emergence of a variety of new ways to perform transactions in the form of digital wallets.
Terry Clark is the Publisher and Content Director of 365 Retail, with more than a decade of experience covering retail design, technology innovations, store openings and the wider retail industry. He also works closely with leading retailers, suppliers, agencies, events and industry awards across the UK.
