Life after the COVID-19 pandemic will be vastly different from what it once was. According to Stephanie Walden of Forbes, contactless payments in the U.S. have risen by 150% since March 2019.
Many countries were already on the path to making transactions with cashless payments. However, banks were merely “implicitly nudging” or suggesting that customers make the switch.
In a post-COVID world, many banking institutions, through research and surveys, have determined that contactless transactions are the way to go to ensure a safer way of banking. So what does this shift mean for consumers and the online gambling industry?
Covid-19 Pushes Demand for Contactless Payments
The traditional idea of banking is outdated, and the COVID-19 pandemic shone a bright light on the practices that society once deemed conventional. In an increasingly digital society, cash is quickly becoming obsolete.
Why deal with the hassle of carrying coins or notes around in your wallet? More importantly, why deal with the bacteria that comes along with it?
Although scientists have not confirmed that COVID-19 can be transmitted via cash, the National Retail Federation’s (NRF) Vice President for Government Relations, Banking, and Financial Services, Leon Buck, stated the following:
Retailers are putting health and safety first and have rolled out a variety of no-touch payment options to err on the side of caution.
The Digital Gap
According to an NRF report, contactless payments have increased by 69% since January 2020, even before the pandemic’s widespread news. One of the many issues of contactless payments is the lack of accessibility for many under-developed demographics, as reported by Forbes.
Although many aspects need to be ironed out before society can fully roll out digital payment options, there are plenty of benefits that come along with it.
Benefits of Online Payment Solutions
Consumers prefer cashless transactions for several reasons. Take a look at some of the most popular advantages of this payment system.
ConvenienceOnce the systems are set in place for society to function seamlessly with contactless payments, it’s straightforward to use. With your contactless card, all you need to do is tap it on the merchant’s payment machine, and your transaction is complete.
Mobile banking and cashless payments come hand-in-hand. With the advancement of banking technology, customers have access to much more information than they ever have before. You essentially have the bank in your pocket.
This form of payment doesn’t require you to touch wads of cash that could have been anywhere, which sets up a foundation for a more sanitary option. As an added bonus, you can enjoy quicker and smoother transactions.
How Does This Affect Online Casino Gambling?
Contactless payments will have a more profound effect in brick-and-mortar casinos, and it will be interesting to see how the traditional casino industry will rebound from the pandemic. Real money online casinos were pioneers of streamlined transactions on their websites to ensure customers have a comfortable and secure experience when funding their accounts.
Popular Online Casino Deposit Methods
The Future is Cashless
The mass adoption of contactless payment will only significantly affect society outside of the digital realm. The world must push through the COVID-19 pandemic with plenty of reforms to the traditional ways of life.
A silver lining to this virus-cloud is that the world has awoken from its passive attitude towards the ebb and flow of life. A cashless society may be an apt aspect of life moving forward to encourage a safer way of dealing with money.