The rise of digital payment systems.

 

With the rise of electronic banking and the internet in the 1990s, the first digital payment system arose in 1994. Since then the progression over the last several years, due to advancements in technology, digital payments have become the norm in todays society.

So what is a digital payment system?

It refers to the technology that allows organisations, individuals and business to transfer money electronically without the need for physical cheques or cash. The systems allow for payments through various electronic devices such as mobile, computer and specialised payment networks.

In 2023 according to Capgemini, non-cash transactions accounted for 1.3trillion globally. By 2027 this is expected to rise to 2.3 trillion, representing a rise of over 15% annually. So looking closer to home, one might wonder how much does Ireland contribute to the use of digital payment systems. I know from my own experience, digital payment systems have shaped the way I act as a consumer. The following graph represents the growth of these payment systems over the last several years. Further data on these systems can be found at: 

https://www.centralbank.ie/news/article/the-evolving-payment-landscape-in-ireland---remarks-by-vasileios-madouros--deputy-governor--monetary-and-financial-stability





So why are digital payment systems so popular?

In short, these digital payment systems have become so popular due to advancements in technology, and commerce moving online. Convenience, speed, and ease of use all contribute to their popularity. The availability of these systems have in turn created the world for a consumer, a much smaller place.

Each year, in particular during and post Covid, Ireland is moving closer to a cashless society, there is no doubt that it has huge benefits, but there is definitely scepticism with moving to a completely cashless society. Risk of data breaches, added costs to businesses and lack of privacy for consumers are all the arguments against this move.

In my own opinion, I am open to the rise of digital payment systems, and do appreciate the convenience of them, but I’m not yet completely sold on the idea of a cashless society.

What is your opinion on moving to a cashless society?

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