cashless digital economy online banking

How Technical Evolution Is Driving the Cashless Revolution

Our lives revolve around technology. Every day, every one of us has some interaction with the latest innovations the tech world has to offer, be that online banking, sending a text, or paying for groceries with a contactless card. But is it the shift in consumer transaction habits that’s driving the current technical evolution, or the technology itself that’s inspired people worldwide to embrace a new digital mindset?

The digital economy is growing at a seemingly unstoppable rate. So much so that countries like Sweden are moving ever closer to becoming completely cash-free. As the first country to introduce banknotes in Europe in 1661, Sweden is once again blazing an economic trail and may become one of the first cashless societies in the world as soon as 2023.

cashless digital economy online banking
Image from Pixabay

Keeping cashless safe

Such widespread adoption of cashless technology in Sweden, and increasingly across the globe, is underpinned by one very human trait – trust. As consumers become ever more tech-savvy, so the safety and security of their transactions is their priority. Gaining and building that trust in fintech is, therefore, a priority not just for financial institutions but the big names in the digital payments landscape too.

From Near Field Communication [NFC] technology to sophisticated biometric authentication – fingerprint, voice or facial recognition – consumers can trust in the technological security of their e-wallets and cashless transactions. The tokenization process utilized by mobile payment systems ensures that no financial data leaves a device, so vendors never have direct access to a customer’s actual details.

Optimizing online security

Organizations in every online sector are increasingly investing in the technology that safeguards their customers’ personal details. One industry seriously stepping up to the mark is that of online casinos. This is a sector whose popularity has exploded on a global scale, offering convenient 24/7 access to players. Licensed, regulated and reputable online casinos ensure they are providing the most secure gambling environment via blockchain technology, 128 and 256-bit encryption and, for the most intense security, some utilize the content delivery network [CDN] Cloudflare – a product so secretive that its makers will not reveal the names of the casinos using it.

There is plenty written about what safety features consumers should look for before signing up to an online casino, but fortunately help is at hand via websites whose experts have tried and tested numerous casino websites and ranked them for safety and security uppermost. For example, if you see a review on the Bonusfinder Canada website, you can be assured that the recommended casino is trustworthy and offers good value for money, as well as a protected, reliable gaming environment.

Cash is by no means a thing of the past. In fact, there are already concerns about the most vulnerable in society being left behind by the cashless revolution. However, countries including the US are now trialing pre-paid debit cards for Social Security recipients giving instant access to their money with no need for a bank account or waiting for a check in the mail. So, as the digital economy develops apace, technology will be the driving force that ensures safety and security for all.

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