Preferred Payment Methods in Europe – Will the World Become Cashless?

Long gone are the days when any type of purchase required you to have cash in your pockets. Nowadays, cash transactions are becoming rarer and rarer, as the world is slowly shifting towards the cashless future. With everything that’s happened over the past couple of years, more and more options for entirely cashless transactions have entered the playing field.

Published: February 25, 2022, 5:35 pm

    Some of the most economically stable countries in the world, such as Sweden have already started accepting various forms of cashless payments. So much so that even the entertainment industry – including online casinos – has shifted to alternate payment methods. That’s one of the reasons why Swedes turn to websites, such as zimplercasinoutansvensklicens.nu, when looking for some cashless online entertainment.

    But does this mean that paper money will soon become entirely obsolete? Let’s find out.

    What are the most popular payment methods in Europe?

    According to Ecommerce News, digital wallets were used in 44% of all purchases in 2021. Aside from digital wallets, payments made via cards (42%) and PayPal (32%) were the next in line. Considering how many people that amounts to, it becomes quite clear that the world is moving closer and closer to the future where physical money will no longer play such a big role. What’s more, research suggests that the average number of credit cards per person in the UK, for instance, is about 2-3, which only further shows that cash transactions are slowly diminishing.

    How did customer behavior contribute to this change?

    Needless to say, one of the key factors that further encouraged this type of change is certainly customer behavior. Since online shopping is nowadays easier and more accessible than it’s ever been, it really comes as no surprise that more and more consumers choose to take their shopping efforts online. Even though there are still people who prefer to shop at offline retailers, their numbers are slowly fading, as online shopping offers more ease and convenience. Naturally, this has only further contributed to the use of various types of electronic payments, leaving virtually no room for cash transactions.

    Will contactless payments become the new norm?

    Over the past couple of years, contactless payments simply skyrocketed. Partially due to everything that’s been happening in the world and partially due to the fact that contactless payments are faster and more convenient, the number of people resorting to this type of payment methods is steadily on the rise. According to UK Finance, 17.3 million people used their smartphones or other mobile devices to make payments in 2020. That’s 7.4 million people more than in 2019. Considering such an increase in numbers, it’s safe to assume that the future won’t only become cashless, but contactless as well.

    Will cryptocurrency replace fiat currency?

    Another common question many people are wondering about is whether or not cryptocurrencies will replace fiat currencies. Although it may seem like cryptos are slowly taking over the world, the fact that they’re still so volatile makes this scenario not so likely to happen – at least not in the near future. That being said, however, cryptocurrencies do continue to rise in both popularity and applicability, which certainly makes them worth checking out. And even if they don’t end up entirely replacing fiat currencies, they still provide a great alternative payment method for anyone interested.

    What other changes can be expected?

    Furthermore, aside from all of the aforementioned changes we’ve already got a chance to see and experience, there are numerous others many people don’t initially consider. For instance, the rising number of various online and contactless payment options has already led to the need to improve not just the speed of such transactions, but security as well. Needless to say, working on improving the speed and security of cashless payments will only need to continue growing and evolving further. Since the demand for such payment options is on a steady rise, the supply will need to be able to meet it accordingly. This will not only result in numerous industries changing the way they treat and approach such transactions, but it will also open up plenty of room for more job opportunities and even new industries to develop.

    So, will cash transactions become entirely obsolete?

    After everything that’s said, it may seem like the not-so-distant future will be entirely cashless. However, the reality is that this scenario is not as likely to happen as we may think. There are still numerous businesses and industries that heavily rely on cash transactions, which means that paper money won’t be going away any time soon. Even though all of the research suggests that cash payments are becoming more and more scarce, the fact of the matter is that this form of payment is in no way becoming entirely obsolete – at least not just yet.

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