The Disrupting Force of Digital Payments

The world is entering a new digital age of transactions, while also phasing out cash. This change has been wrought by the increasing prevalence of online shopping and new technology such as smartphones. Cash usage has already been decreasing for several years, but this was intensified by the COVID-19 pandemic, where there was a major shift away from physical shopping. It is now predicted that by 2025, over half of all Americans won’t have even used cash in any given week. 

Rising to take cash’s place are many new forms of digital payments, including digital wallets, cryptocurrencies, account-to-account transfers, and central bank digital currencies (CBDCs). They are all valued for their convenience, safety, and quick transaction speed in relation to cash. All of these methods are beginning to be employed by several industries, including online gambling, as a way to create a secure online transaction that is unmodifiable and autonomous.