Digital wallets take over cash transactions

Digital wallet services, such as PayPal, Apple Pay, and Google Pay have slowly taken the world by storm. Sure enough, the United Kingdom has been no exception, as surveys show that one in three Britons make contactless payments each month.

Consequently, the number of cash transactions being carried out is decreasing by the minute, with fewer people deciding to use it as a spending tool.

That being said, there are quite a few reasons why digital wallets have slowly taken over cash transactions – their widespread acceptance would be one of them.

Long gone are the days when you could use your digital wallet for online shopping only, as now you get a chance to use it when buying groceries, paying for tickets, or making transactions in an online casino.  

Keep in mind that it makes no difference whether you choose a UK-based casino or opt for an offshore one – the best casino operators listed for 2024 give access to a plethora of payment methods. Usually, digital wallets top the charts.

Of course, you don’t have to spend your entire balance on the best online casinos – you can also use it to pay bills, fund trips, or purchase new exercise equipment. Here are some other things you’ll want to keep in mind regarding digital wallets.

Some important numbers

Did you know that, in 2023, as many as 42% of UK adults have a registered digital wallet? This represents a 12% increase in comparison to 2022 when only 30% of all adults had used this convenient payment method.  

It’s no surprise that physical money has been experiencing a steady decline for many years, as digital wallets started becoming the go-to payment method. Interestingly enough, the most common form of payment in 2023 was chip-and-pin debit cards, as almost half of all transactions were carried out through this method.

Of course, contactless payment solutions weren’t too much behind, as 38% of all transactions were facilitated through mobile payment services. With technologies such as Tap to Pay, which lets merchants accept contactless payment straight from their iPhones, paying for stuff without carrying paper cash becomes easily doable.

2023 was special, as it was the first year when the usage and frequency of mobile contactless payments had been measured. Findings show that around 34% of the UK’s adult population used this payment solution at least once per month.

The benefits of using mobile payment services

Convenience tops the chart as possibly the biggest benefit of mobile payment services. You no longer have to fumble through your purse at the checkout while a queue of people wait impatiently – you can eliminate this problem by tapping your phone and finishing a transaction.

Likewise, it’s no longer a big deal if you leave your house in a hurry and forget to take cash, as mobile payment services have got you covered. 

Moreover, even though it might not look like it, relying on mobile payments can actually be safer than paying with cash. Even if you never become a victim of pick-pocketers, there’s every chance you’ll lose a large-value banknote at some point – that’s not a problem you’ll have with mobile payments.

These apps are tried and tested, and their developers have worked on removing any cybersecurity threat. Plus, with new techniques like tokenization being implemented, customers’ data is safer than ever.

Finally, mobile payments are fast. In fact, they are as fast as a credit card transaction, as financial institutions process them in the blink of an eye. They happen to be faster than traditional payment methods, which is a luxury a modern man never takes for granted.

If you are thinking about switching to mobile payments and digital wallets, you will definitely be making a decision that can make your life simpler. You’d also be in good company, as there are more Britons joining the hype with every year that goes by.