In Ziņas

Modern society is actively creating, developing and improving the technologies that even ten years ago were mere fantasy. What changes await the financial sector and where does the future of e-Currency lead?

Payment processor ECommPay shares predictions for the future of electronic payments based on years of experience working with leading e-Commerce companies and closely following industry trends.

A citizen of Europe in the eighties would have hardly believed that, in the not-too-distant future, western countries would share a common currency with the former Soviet bloc. Though not without its opponents, the Euro is now an established and integral component of European society.

In a similar fashion, few could have foreseen the electronic currency revolution, in which money, the universal form of exchange, has begun to be replaced by a digital counterpart.

There are numerous businesses dependent on electronic cash – with each passing day, more and more companies successfully establish themselves in the online sphere. This trend is visible across industries, from online payments for goods on the Internet and utility bills to parking and medical services.

Money online

As companies transition to providing their services online, individual users begin actively using Internet services, payment cards and electronic wallets to make online purchases.

Society has accepted much of the digitalization that technological progress has introduced. People are no longer afraid of electronic money, now preferring to have their income deposited into their online bank accounts.

Non-banking institutions are an excellent alternative to traditional banks, often replacing the latter. Holding all the required licenses and certificates and guaranteeing a similar (if not higher) level of reliability and security, non-banking institutions have the advantage in terms of data transmission speeds. Services rendered by a non-banking institution are instantaneous. Cash or money transfers happen as soon as a user clicks the ‘pay’ button.

The more methods of payment, the greater the ease and speed of use for the consumer, suggesting that the future of payments is, indeed, in electronic currency.

Unification?

According to a range of factors and the steady rise in popularity of e-Currency, we can safely assume that, in the near future, we will have a unified form of payment. Everything is heading towards a unification of payment methods, methods of control and of regulation. While this is currently prevented by a lack of education and a resistance to change, perspectives will change and unification will occur.

First, the technology must be developed, followed by regulation and particular nuances concerning this type of innovation. A common consensus is not easy to reach, but as long as we introduce the technology, it is only a matter of time.