Our world as we know it is constantly evolving to make room for the latest and greatest invention, fad, trend, or piece of technology.
The changing landscape of digital payments
In the past few decades, technological advancement has shaped our ways of life to be nearly unrecognisable from those of the last century. All parts of our society have been affected, from how we travel, learn, communicate, and much more.
One specific facet of technological advancement, however, that has taken off in recent years has been our ability to send and receive payments online, also known as the digitisation of money.
The digital payment revolution during the pandemic
In 2020, tragedy struck with the rapid onslaught of the COVID-19 pandemic. People around the world were forced inside, forced out of work, and made to stay apart from each other. Social distancing and virtual communication became the norm.
Although this time period was easy on essentially no one, there are a few changes that we made as a society that have now become permanent parts of our lives. One of those changes is how we send and receive our money.
During the pandemic, cryptocurrency and digital wallets took over the payment industry. Because these avenues did not require physical contact, it was a no-brainer to make the switch in a time of distancing. Now, in a post-pandemic world, 41 per cent of Americans reveal that they no longer use cash in a given week.
The future of digital payments
Research has shown that in 2023, the number of US adults that pay with cryptocurrency will exceed three million, and the worldwide crypto payment value has reached about US$9.28 billion. Branches of cryptocurrency like Bitcoin and Ethereum piqued the interest of new and older users alike, and are now becoming much more accessible to businesses as well as the common man.
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PayPal has also taken off as a commonly used digital wallet option. One industry that has seen tremendous growth with the use of PayPal is the casino industry. With the help of digital wallets, these platforms can now distribute payment bonuses via the internet.
This allows them to reach larger audiences, provide a more secure way to receive earnings and do so much faster than ever before. The legality of such practices has also increased in recent years, making the world’s gamblers able to reap these benefits in more ways than one.
Central bank digital currencies (CBDC) are also very popular amongst many eastern nations and territories. For example, China, Nigeria, India, the Eastern Caribbean, and Russia have all bought into the usage of this currency.
In addition, over 50 countries worldwide are currently in advanced planning stages to implement CBDC in their own society. For casino gameplay, these increased options for payout are global, satisfying the nearly 30 per cent of people who gamble online on any given day.
Expert predictions for the future of payments have never been brighter. Not only are popular casino games like blackjack, craps, and slots reaching return-to-player rates above 90 per cent but many other industries and territories are reaping the benefits as well. Nearly all global territories have seen an increase in payment revenue since 2020, with positive predictions moving forward into 2025.
The Asian Pacific and Latin American regions are seeing increases of 42 per cent and 40 per cent, respectively, while North American, European, and MEA regions are landing in the 20s. This growth can all be attributed to our society’s ability to adapt and change rapidly. General technological advancement is not going anywhere, and the days of physical transactions are long, long, behind us.
The modern consumer is concerned with digital wallets, credit and debit cards, and account-to-account transfers more so than ever. Businesses and services, such as the casino industry that are able to adapt to the change in the times will be those that succeed. Similarly, those who refuse to adopt the new norm will fall behind, unable to serve the needs of our evolving world.
Final thoughts
The COVID-19 pandemic shaped us all, for the better or the worse. It tore down businesses, put a halt to education, and changed our world for years to come.
While the list of negatives may seem endless, one thing is for sure: Our time apart left plenty of room for problem-solving, leaving us with a new era of digital payments on our hands.
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