Digital Payments Taking the World by Storm

Digital Payments Taking the World by Storm

What’s New In Technology This Week

Article Reference:

https://www.technewsworld.com/story/87105.html

Since the pandemic, the idea of using cash has gone down in popularity. Consumers have completely changed how they make purchases. Marketing experts project that this digital currency trend will continue. 

Businesses that had already adopted digital payments before COVID-19 through e-commerce or online retail “experienced an increase of 70% by volume and 50% by value this past year.” Global e-commerce has also shown an overall increase over the past year.

Digital payments such as Apple Pay, Google Pay, and apps such as Venmo have become increasingly popular amongst shoppers. Results show that almost half of Americans have stopped using cash due to the potential risk of Covid-19. 

“Digitally, phone-based payments show promise for future growth. Some 42 percent of shoppers started using apps like Venmo and PayPal more last year, and 32 percent are increasingly reliant on digital wallets”

What do all these percentages and numbers mean? It means a rapidly growing online market for businesses. By having your e-commerce business accept these digital payments, you will be inviting a whole new market of shoppers. This trend is expected to continue to increase along with the entire online shopping world. This goes for businesses that have not yet adopted an online platform as well. Online shopping has provided more secure forms of payments, become very accessible for many, and has simply become easy and convenient. 

“As consumers realize the value these technologies bring, and as the technologies improve, adoption will continue to grow according to Marc Mezzacca, a researcher for the report and founder of CouponFollow.”