Could the Rise of Digital Wallets and Secure Payment Systems Render Cash Obsolete?

Image credit: (CC BY 2.0) by paz.ca

The move towards a cashless society could be something that comes to fruition in the foreseeable future. Technology has become so advanced that there is little need to carry paper money nowadays, with a shift towards digital wallets and card payments. These more modern methods are growing in popularity, and huge industries like iGaming are helping to boost numbers.

In 2015, there were only 20 million combined users on Apple Pay, Samsung Pay, and Android Pay. However, within two years, those numbers have skyrocketed. In 2017, there were 86 million Apple Pay users, 34 million on Samsung Pay and 24 million on Android Pay. This is a dramatic rise, and to say that these aren’t even the most popular digital wallets on offer highlights how much the market is growing.

As things currently stand, PayPal is by far the most popular digital wallet, with 76 percent of online consumers in the United States opting for the system which was established in 1998. The payment platform rose to worldwide fame due to its partnership with eBay, and the auction website helped PayPal become one of the most trusted ways of paying in the world. The idea behind the site founded by Max Levchin, Peter Thiel, Luke Nosek and Ken Howery was to facilitate cash transfers between two parties and allow people to easily have their money refunded if they didn’t receive the product or service they had purchased.

Digital wallets make the movement of funds across borders much simpler, and this is where the iGaming industry comes in. Players from all over the world visit gambling sites, and often don’t live in the country where the site is based. This means they are unable to use their own currency when they join up to a site from a different place. For this reason, gambling sites have begun to offer a wide range of payment methods in order to attract as many players as possible.

Along with the lotteries at Lottoland, there are a number of instant win games like Diamond Deal and Cash Buster Towers that are there to attract the iGaming crowd. The site also offers lottery draws from all over the world, and therefore brings in customers of all nationalities. For this reason, there is a wide range of different payment options available. In addition to VISA and MasterCard, players can top up their funds using Skrill or Neteller. These are both digital wallets that perform the same function as PayPal, and they allow quick and easy transactions online.

With the potential of cryptocurrencies like bitcoin also coming into play, it wouldn’t be out of the question to ponder whether we will still need cash in ten years’ time. Digital wallets have already proven to be reliable, secure, and swift, and they make moving money across borders simple. The rise of digital payments is set to continue, and businesses that fail to allow them will get left behind.

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