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These Digital Payment Trends Will Save You Pennies Just By Changing Your Wallet

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Still signing those receipts? It’s time to move forward and get with the payment systems of today— which could save you more than time, but also a pretty penny.

Long gone are the days of cash. While there are still that precious few of us that carry it around, the reality is that most of the modern world does its best business with plastic and digital payments. In fact, that’s most often how those that carry cash come across it in the first place. Taking their coded card to the closest ATM and snagging those dollars to use later. But cash is not only a hassle to get, but it’s also pretty filthy and really insecure. However, so are standard cards.

On top of setting you up in a prime position to have to deal with (and pay for) theft, these antiquated systems are also expensive— as most credit card companies charge incredibly high fees to both retail and customer, and even ATMs take a bit off the top.

Luckily, there are ways around all of this, thanks to modern technology and the digital revolution that’s upon us. Companies like Square, Google, and some other crypto trading platforms like Bitvavo.com are all looking to make life a little easier, a little safer, and a whole lot less expensive. For consumers and retailers alike.

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Digital Wallets and Cryptocurrency

Perhaps the cheapest and most effective way to make payment in modern-day marketplaces is simply by using cryptocurrencies. Despite the fact that non-users find them a bit perplexing, cryptocurrency wallets are actually extremely easy— and often free— to set up. Not to mention that the currencies themselves also house much lower fees than those used by traditional payment systems.

There are a number of different wallets available and most of them don’t require traditional forms of identification or any sort of verifiable credit history. So they are ideal for those that are unbanked or have little to no credit score. Not to mention you can get them set up and filled in virtually no time. Particularly if you choose to use a wallet that is associated with an exchange platform.

If that doesn’t sound like the best way to store, mobile wallets and offline wallets are incredibly popular for the security-minded. When used in conjunction with modern payment systems, often all you need to do is scan a QR code in order to pay, dovetailing into contactless systems seamlessly. A number of retailers and legacy remittance systems are also starting to offer better infrastructure for supporting crypto payment, which makes it an even easier way to pay.

Mobile Point of Sale

Mobile point of sale (mPOS) has become the latest way to translate traditional payment systems into our ever-changing digital landscape. What was once relegated to brick-and-mortar systems, mPOS allows retailers to take payments nearly anywhere. Which is the perfect setup for both vendors and customers. This has become particularly of interest following the novel coronavirus shutdowns and market trends.

As more retailers move to online, outdoors, and appropriately distanced sale structures, payments needed to follow suit. As we move toward a society that sticks to cards and codes over cash, the register is no longer the best option.

mPOS systems allow retailers to skip the line and bring the payment system directly to their customers. By using associated software, these systems can also make bookkeeping and administration duties far more streamlined as well. No longer requiring boxes of receipts and paper to appropriately audit business earning and expenses.

Perhaps one of the most disruptive and recognizable of these systems is Square. The original mPOS allowed retailers to more easily work through mobile phones and tablets. Square is an excellent example of just how far the future of digital payments can go, as they announced last year that they would begin creating software that was capable of accepting crypto payments. Making those digital wallets even more enticing for the next generation.

Smart Speakers and Contactless

Smart speakers (Alexa— buy me new socks) and contactless payments (like Apple Pay and Google Pay) are definitely becoming yet another agreeable way that retailers are connecting with their digitally distanced audiences. As this technology is more secure than the old “chip & PIN” or signature cards, generating a unique code each time a payment is made, as opposed to using an account number on the card itself, these systems also conjoin with cryptocurrency systems and mPOS.

Besides being more secure and widely accepted throughout Europe, this system is also incredibly fast. Becoming instant, the second you have your device in your hand. This is all down to AI and Internet of Things technology. Allowing devices to communicate with one another with little or no required input from the user. Which has become a huge priority to those of us living in the 21st century, as lockdown may have us staying home, but it definitely doesn’t have us slowing down.