It is imperative that businesses and people across the globe prepare for the coming shift in the payment industry. Cash is rapidly becoming obsolete, making way for the modern consumer. Research has shown that over 40% of Americans don’t use cash in a given week, a statistic that is expected to increase to 50% by 2025.
What accelerated the growth of digital payments was the COVID-19 pandemic. Many companies, industries, and individuals were forced to change the way that they operated, much of which is now here to stay. Cryptocurrency payments are one of the main new phenomena to gain traction due to the pandemic. Crypto coins like bitcoin and ethereum are used across the world; So much so that in 2023, worldwide crypto payment value has reached an approximate $9.28 billion.
Paypal and other digital wallets have also taken the world by storm. One industry that has especially benefited from these services is the casino industry. Thanks to online transaction capability, casinos are able to offer digital payout to players across the country. Experts say that nearly 30% of people around the world gamble online on any given day. Because of the popularity of casino gameplay, advances in digital payment options are changing the experience for all users for the better.
The predictions for payment have never been brighter. Whether one is receiving a blackjack payout from their casino of choice, or is making a personal payment to a friend, transactional technology is changing life as we know it. The digitization of money is a worldwide phenomena, leading nearly all global territories to see an increase in all payment revenue in recent years.
Thanks to digital wallets, credit cards, and account-to-account transaction capabilities, cash is quickly going the way of the dinosaur. There are several factors that have sculpted this new environment that we live in, but one thing is for sure: we will only continue to grow and advance.