People around the world are already considering an alternative to carrying cash. Digital wallets have become popular during recent times due to the current pandemic.
We are
currently seeing a widespread change in consumer behavior propelling the desire
for a cashless society forward – including for those who were previously
skeptical of going cashless.
For many
consumers, using contactless payments can provide much needed reassurance while
shopping in stores during the pandemic. While these new purchase options may
seem unusual for some, Covid-19 has caused retailers and consumers to seek
touch-free payment alternatives. It has
quickly become second nature for consumers to tap their card to pay for goods
and services instead of using cash or punching in a PIN.
So, now
there is significant demand for a cashless society.
The
convenience and facilitation of going digital with your finances are immensely
approved by the general masses and hence become a driving factor behind this
whole movement. With national currencies planning to go paperless, the future
is indeed digital.
According to
a recent study by Software Finder, the global blockchain market size is
expected to reach $57 million by 2025 with Bitcoin accounting for $6 billion in
daily transactions. While the current market cap for Bitcoin sits at $144.96
billion, it is interesting to know that 78.95% of cryptocurrency owners
actually bought their coins, while the rest mined.
- Radical Innovation for Financial Solutions
- Digital Entrepreneurship Ecosystem
- Infrastructure Supported by Blockchain
- Meeting Liquidity Requirements
- Near-Anonymous Online Transactions
- Fostering User’s Trust
- Open Trading/Transfer Options
- Combating Poverty
- Growing Internet & Related Innovations
- Leading Future Growth Opportunities
It is quite
obvious that technology can be a great way to fight back corruption and fraud
within financial markets. Blockchain and cryptocurrency can help in fighting
back various factors in third world countries that inflict their growth and
potentially stop them from progressing further.
Countries
around the world are already making plans to adopt blockchain-based systems to
manage their financial markets. It is time that we create awareness in developing
countries as well, so they too can join the bandwagon.
We hope you have found this article
informative and interesting. For more information or queries contact us to know more about this technology.
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