Cashless society

The number of non-cash transactions is growing every year, and the emerging trend toward an increase in e-commerce and contactless payments is already forming a new culture in this area. The time has come when there are tectonic shifts in the world economy towards digitalization and customer experience. Cashless payments in these changes are one of the main drivers. Today, the share of e-commerce in the global retail turnover is growing rapidly. At the same time, mobile commerce is gaining more and more popular among customers. Emerging markets are also keeping up with this trend and are looking for opportunities to switch to a cashless economy. Many banks launch their own issuing wallets, mobile apps, and other user-friendly tools to increase the usage of their services. Thus, moving to mobile devices will lead to the fact that "plastic" will disappear. predict and the disappearance of the division into classic and premium cards. In the era of global digitalization, the development of a cashless economy will have a positive impact on governments, businesses, and consumers.

The movement toward the digital economy helps to legalize transactions that are under the radar and this increases the number of tax payments made by the business. The convenience of cashless payments and transparent system of fees is becoming attractive for more merchants to start accepting cashless payments. Advanced development of cashless payments will lead to a decrease in the usage of paper cash in the future in general. The need for paper money inevitably will disappear, transforming completely the way we deal with our finances on daily basis.