The digitization of banking is an increasingly popular topic of common interest for many users around the world, especially for those who have to choose between opening an online current account or a traditional one. The presence of online banks is now visible to everyone, but what are the main changes we experience every day in the daily management of money? Is it really possible to imagine a cashless society? We have collected some data to understand the current situation.
According to a research carried out by the international consulting company A.T. Kearney, cashless payments will have, by 2021, an annual growth of 21% for emerging market sectors and 7% for more developed ones. In fact, in most European countries, but not only, the number of cash transactions is constantly decreasing. Sweden is the country with the most surprising data: just think that in 2016 the percentage of payments completed in a “traditional” way was only 15%.
The consumer behavior is therefore adapting to an increasingly constant digitization of transactions. The advantages brought by this trend are numerous, but it is important to keep in mind that the world of cashless payments now no longer includes only the classic debit and credit cards. Those who pay attention to the evolution of banking dynamics or decide to open an online current account, will surely know that the so-called mobile payments, possible thanks to contactless technology, are having a huge success. Among the most popular systems that are part of this category we find, for example, Google Pay, Apple Pay and WeChat Pay; the latter in China is absolutely a trend of the moment.
Furthermore, in Asian countries such as India and China, payments authorized through biometric data or facial recognition are becoming more popular. The achievement of a cashless society in some countries seems to be near.
If you are interested in knowing all the advantages a current account can offer to you or your company, do not hesitate to contact us.