The Future of Payments
As we navigate the early stages of the new year, there is still much uncertainty on what is to come in 2021. The past 12 months have been a difficult time for consumers and businesses alike, as the global economy was brought to its knees by the COVID-19 pandemic. These unprecedented times will certainly have an impact on the future, and we are already seeing some of these changes take effect in the payments industry. The world was already heading towards a more digitized society, but the coronavirus outbreak has forced us to embrace these technological advancements sooner than anticipated. With the wheels already in motion, it’s only a matter of time until the world embraces a cashless society.
With businesses searching for innovative ways to stay relevant, the digitization process has become an increasingly prominent solution for managing the gaps left over from social distancing protocols and government-mandated lockdowns. Companies that have been reluctant to embrace this digital revolution have been left in the dust, while the more agile businesses have been able to adapt and overcome these new challenges. Omni-channel commerce has become an essential tool in today’s world, as countless physical locations are forced to close their doors. As a result, consumers are becoming more comfortable with the online shopping experience, including the digital payment process.
While there are still many physical businesses and storefronts that remain operational, they too are seeing a fundamental shift in how they’re completing transactions with consumers. The ongoing health crisis may lead to a decrease in cash transactions, as people fear a potential COVID-19 outbreak as a result of handling monetary notes and coins. As a result, digital payment methods such as credit and debit cards, prepaid cards, mobile wallets and others have seen a steep rise in popularity.
Always on the forefront of the latest cutting-edge technology, Intercash can provide your business with a global digital payment solution that will keep you ahead of the curve. All of Intercash’s card programs can be customized and white-labelled, providing countless advantages for your company and its employees. In 2021, businesses will need to embrace a more digitized payment process such as this in order to keep pace with their competitors.
Trending towards a cashless society can provide a more convenient process for businesses and consumers alike. Digital payment methods allow for a number of a benefits, including:
• Automated Paper Trail
With digital payment methods, all the information involved in the transaction is captured instantly. In addition to being far more convenient, this will also help to protect businesses from potential fraudulent scams.
• Saves Time and Money
Both time and resources are required for any business handling cash; making sure you always have enough on hand and making deposits when you have too much. With a cashless society, this inefficient process will no longer be required.
• Decrease in Crime
Brick and mortar locations with lots of cash on hand are often targeted by criminals. These businesses are easy targets, as cash is nearly impossible to trace once it has been stolen. With digital payment methods, this concern will become a thing of the past.
While societal changes of this magnitude don’t happen overnight, the world is clearly shifting to a more cashless civilization. You can already find examples of this shift in places like Sweden, where their digital currency (e-Krona) is currently being implemented throughout the country, with the goal of a completely cashless society by 2023. It may take some time for the rest of the world to catch up, but you can expect 2021 to usher in a digital evolution in the world of payments.