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3. The Rise of Digital Payment Systems

Case Study]- Digital Payments: An Ultimate Solution For Better FutureHello and welcome back!

 I don't know about you but I never use my physical credit/debit card, only apple pay. This week I am going to talk about the ‘Rise of Digital Payment Systems’. A digital payment is the transfer of money or digital currency from one account to another using digital payment technologies, such as mobile wallets i.e. PayPal, Apple Pay, Google Pay and Samsung Pay, or mobile payment apps i.e. PayPal, Google Pay, Revolut and Venmo.

 

 

Fun facts:

·   In 2023, the number of non-cash transactions reached 1.3 trillion globally. By 2027, it’s forecast to reach 2.3 trillion. 

·     Ireland now serves as the European headquarters for Apple Pay and Google Pay.

 

Benefits of digital payments:

1.     Expand range of products/services people that can buy or have access to.

2.     Save costs through tighter efficiency.

3.     Transparent and secure online and offline trading.

4.     More control for the supplier and customer.

 

What is the future of Digital Payments Systems?

It is no secret that digital payment systems have become increasingly popular over the last decade with the adoption of smart devices, as people move more of their lives online. Consumers now have more choice as to how they want to be able to pay and interact people or businesses that they buy from online. On the other hand, merchants have to deal with a myriad of evolving payment methods and how they are able to respond to the demands that their customers have. Although the development in innovative digital payment systems has been groundbreaking cash is and will remain a core element of the payments ecosystem in Ireland and internationally. 

 

To conclude, I have another blog recommendation for you to read further into the world of digital payments here.

 

Also a video of CEO of Br-dge Brian Coburn speaking about the rise of digital payments.


Catch you next week!

Payment Accepted Decal Bundle | Apple Pay, Google Pay and Contactless Pay

 

 


Comments

  1. Anonymous5 November 2024 at 23:35

    This blog has taught me so much about digital payment systems, thanks for helping me better my understanding

    ReplyDelete
    Replies
    1. Anonymous29 November 2024 at 07:54

      I am so happy to hear this, thank you!

      Delete
  2. Anonymous6 November 2024 at 01:27

    I still think cash is king…. Great blog though!

    ReplyDelete
    Replies
    1. Anonymous29 November 2024 at 07:54

      I have to disagree with you on this... I can't remember the last time I had cash!

      Delete
  3. Kasie Doyle28 November 2024 at 03:08

    A great blog!

    ReplyDelete

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