Cashless me time as I do not have to

Cashless has
been legitimised by the rise of the trendy industry of ‘Fintech’ which
radically revolutionized the accessibility of payment channels moving us nearer
to the reality of a cashless society. Fintech is huge with companies adapting
and simplifying traditional financial technologies and systems where the
financial returns and benefits are massive. Projections show that there will be
$503 billion mobile payments in store by 2020, with a growth rate of 80%(Rampton
2017). The Fintech industry has tackled financial inclusion and has boosted the
prevalence of digital transactions through mobile wallets, artificial
intelligence, wearable technology and contactless payments across verticals
with varying degrees of success.  

The new
trend of cash-free payments using your smartphone has been led by Square, a
Fintech disruptor which was launched in 2010 by Twitter founder Jack Dorsey. Square
is very simple helping many firms advance their payment methods. Square
humanizes contact and has eliminated friction for customers as card payments
are hassle, physical money is cumbersome and buying systems can be
overcomplicated. In the US the banking sector is tiring, Square capitalized on
recent amendments by the Federal Deposit Insurance Corporation (FDIC) which
encourages new types of banks and has now applied for banking status and this
strategic decision is proving how conventional banks are no longer essential
(Rampton 2017). Adding their own bank to their portfolio, they don’t have to
pursue banking firms for partners. With Square offering a new type of bank
through smartphone technology has enabled Square to achieve the objective of
increasing society’s participation and stimulating the economy. Creating more
start-ups, addresses problems and creating financial independence for small
firms to help strengthen global economies.

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Apple pay
has created fantastic opportunities through Fintech, where payments under £20
can be made using a compatible Apple smartphone. In the UK over 70% of the
population own a smartphone and Apple pay can tapped into a massive potential
consumer market. Personally, I use Apple pay for everyday purchases such as
buying a coffee in the University library during a revision session due to its
convenience and efficiency. It saves me time as I do not have to leave the
library to go to the closest ATM machine or have to rummage through my wallet
for the correct coins or notes I need for my purchase.