Will we have a cashless future?
Hi there! This week I'll be talking about mobile payments and how it has drastically changed over the past years and in recent times.
It is evident that smartphone usage is significantly increasing as almost everyone owns a smartphone device. Moreover, according to the Yellow Social Media Report (2018), more Australians own a smartphone (87%) than a laptop (76%). Our electronic devices allows us to have easy access to so many things in a click of a button and has resulted to many shifts, from how we interact, to how businesses operate as well as how we make payment transactions. Over the past years, contactless payments have become more popular as it is efficient, contactless and easy.
When I was younger, I would always pay for my items by cash, however shifted to using card and mobile payments because it is easy and efficient! I use Apple pay and have the Commonwealth Bank app on my mobile phone, it allows me to access my card, transfer, make payments & view my purchase history. The app consists of converging hardware and software applications that enables users like myself to have easy access to our mobile wallet and through scanning mobile devices to make payments. It is easy to use, free, gets the job done and is updated regularly to provide users with the most efficient experience.
Moreover, in today’s unprecedented times, with the Covid-19 pandemic, mobile payments have definitely been applied to more businesses as for many, they are now only accepting card payments rather than cash because it is safer. This has resulted to payment and processing companies to gain a significant increase such as PayPal with an increase in stock by 55%. Additionally, New York Times article 'Our cash-free future is getting closer' details on how ‘we have a world in which there is less contact’ and that ‘people are using cards and contactless payments because they don’t want to touch anything’. This signifies the impact of the pandemic and how it has impacted our payment method used.
What are your thoughts on mobile payments? Do you think we will have a cashless future? Let me know in the comments!
Thanks for reading
Very insightful blog post sally! I think that contactless payments are becoming for popular for sure but I think cash will always still be around. Making payments using my phone is definitely much more easy, quick and safer.
ReplyDeleteHey Anna, yes i believe so too. Technology has become so advanced - with the incorporation of converging hardware and software applications, it has allowed us to make payments using our mobile devices easier than ever. What is your go to app when it comes to making payments?
Deletenice blog post. I think that because technology is becoming more advanced and enables users to do things like make payments more efficiently and effectively, a lot more people are using their smartphones to pay because it is easier than carrying and fidgeting through cash, especially coins.
ReplyDeleteYes for sure, making payments using our mobile devices is a lot more faster, easier and secure. With this being said, I think that this is why contactless payments are so popular and used amongst many. What are your thoughts on contactless payments slowly taking over?
DeleteGreat read, I think especially with the pandemic happening, a lot of people have switched to using contactless payments. Its much more safer
ReplyDeleteYeah I think so too, a lot of businesses are now not taking any cash payments due to safety reasons. In which, has resulted to growth for payment companies. There are so many different payment apps with different user interface, which one is your go to app?
DeletePretty cool to see how much technology has changed over the years and all the new innovative apps/tech. Particularly payment methods that just require you to tap your phone and it just sensors it...
ReplyDeleteOh yes! technology is becoming more and more advanced. I also use Apple Pay which allows me to make payments faster and easier, pretty cool how technology has developed & that it only requires a simple tap of the mobile device. What app do you use to make payments?
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