Cashless economy on the horizon
February 04, 2013

Many economists and industry analysts have predicted that society is moving rapidly toward a more cashless market landscape, as growth of advanced payment processing technology use continues to outpace cash. Merchants should consider adopting integrated payment systems now to accept credit card payments through a variety of platforms, as this will ensure that all potential transactions are finalized at the point of sale. 

The Guardian recently reported that mobile payments, as well as other cashless transactions, are leading economic growth in a variety of emerging markets and economies. This has been bolstered by the increasing penetration of smartphones and tablets, as well as plastic cards, in a variety of new demographics, including the unbanked and underbanked populations.

According to the news provider, the biggest adopters of new payment processing methods have been the youngest generations, which also represent the most valuable and sustainable source of revenue when looking into the future. The source asserted that the infrastructure costs of cash in economies is very high, and more governments are looking to reduce the associated expenditures through the use of more advanced payment processing technology.

The Guardian added that mobile payments, as well as other cashless transactions, often lead to better communication and stronger relationships between merchants and consumers. As cashless payment processing becomes more intuitive and convenient, merchants are beginning to adopt the associated systems in higher numbers than ever before.

Many experts believe that a cashless global economy might even be reached within the next two decades, illustrating the importance of adopting the necessary technology to make the switch.

With integrated payment systems, merchants can create the most efficient transaction processing strategy that directly improves profits through lower overheads and higher revenues. The use of advanced payment processing technology will cultivate loyalty among younger generations, further driving revenues. 

Nexus: G-WEBCD4