The global digital payment revolution

The digital payment has become commonplace in today's world

Seeing as the new digital technologies have allowed us the ability to video-chat with friends across the world, and even play casino games online, it’s fairly surprising to find that the majority of us still use cash on a daily basis.

Not only is cash dirty and physically impractical, it also helps facilitate crime. But thanks to some revolutionary new digital payment systems, it looks like we could all soon be enjoying a cash-free future.

Payment pioneers

Most of us who have bought products online will have come across PayPal. In under two decades, PayPal has provided consumers with a way of purchasing products in the online domain through the ability to link a PayPal account to a bank account. And with mobile transactions continuing to grow, it’s expected that this will continue to be a prominent digital payment brand.

However, it’s Bitcoin that offers perhaps the most revolutionary approach to digital payments, thanks to the introduction of their cryptocurrency that aims to liberate us all from the tyranny of the traditional banking system. But with technical concerns continuing to plague the cryptocurrency, it looks like national currencies will continue to stay with us for a while.

National digital challenges

Each nation appears to be facing the challenges of the digital payment revolution in surprisingly different ways. Sweden looks ready to embrace the cash-free future thanks to the efforts of pioneers who have introduced digital innovations in the form of card-only museums, and even digital tithing stations in churches.

Countries in the southern hemisphere have also been endeavouring to switch to a digital payment future with South Africa providing an environment where homegrown initiatives such as Snapscan can deliver a quick and easy digital payment system. Such initiatives have rapidly been taken up by South African companies with firms like Neteller and Skrill providing digital payment services for and their huge range of video poker and colourful slots games that can all be accessed and paid for via a mobile device.

Payment issues

However, there are still concerns about the increase of fraudulent activity within the digital payment sphere. The worrying rise of credit card fraud mobile apps is a clear indication of how technically-adept criminals are becoming in their quest to use the new technologies to steal money.

And with even our online banks showing surprising vulnerability against hackers, it illustrates that whether we’re playing casino games or just buying some groceries, there’s still some way to go before the digital payment revolution is complete.