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Digital Payment Systems - A cashless future?



By Niall Walsh 
09/10/2024



Hello and welcome to my third blog entry!
This week we look at the meteoric rise of digital payments systems and the affects its had on daily life.

From PayPal being founded in 1999 to apple and google entering the market in the early 2010's, the digital payment industry has undergone huge change.  Today we see Digital payments as a necessity for todays economy to function.



The benefits of digital payment systems are widespread and varied, I have listed some below.
  • Convenience 
  • Speed
  • Safety
  • Control 

As per the (world bank group) two thirds of all adults currently in the world use digital payments in some shape or form.  This is due in my opinion to the major growth we have seen in mobile phone use and the contactless payments services available, such as apple pay and google pay.

According to (Cubides & O'Brien, 2022) cash transactions have fallen over the past five years while digital payments have risen.  This trend in large part can be attributed to the pandemic which accelerated the need for digital payments.

Digital payment systems have eliminated the need for many people to carry cash and consequently eliminating loss and reducing the likelihood of theft, Interestingly many people are much more sceptical of digital payments, below is a video on digital payment security that I think you'll find interesting! 


Speed is a huge advantage of digital payment systems, a simple click of a button and the payment has been processed in real time, eliminating the need for change to be counted.  This is also an advantage if like me you hate having loose coins around! 

Thanks once again for reading my blog!  Be sure to comment below your thoughts!

Next week we explore software as a service ERP systems so be sure to keep an eye out for it!








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Location: Shanghai, China

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