Where is the field of non-cash payments moving?

Digital payment methods are becoming more popular and convenient. The reason is that competition among services makes the average rates for transfers lower and lower. Technologies and programs are developing offering users equipped and convenient functionality.

For example, in 2018, according to UK Finance, 5.4 million people in the UK did not resort to using cash, preferring non-cash payment methods. In Sweden, the use of cash has decreased by 80% since 2008.

It is easier for entrepreneurs to manage finances. Credit scoring increases. Demographic changes also require changes in the economic field.

At Okschain, we do not just believe, we are convinced that digital finance is the future of the market, and the transition from material to digital ways of storing and using finance is inevitable.

How do you feel about the digitalization of the financial market? Do you think this is beneficial for the global economy? Write your answers in the comment section.