The rise of digital payment systems

 Hey welcome back to week three of my blogs. This week blog I am going to be discussing the rise of digital payment systems. 

Why has digital payment systems rapidly increased in popularity? 

·      Advancement in technology

During recent years as you know technology has been advancing at a rapid pace which has led to the introduction of contactless payments through using physical bank cards or using smartphones. Another development in technology has made it possible for consumers to conveniently manage their bills from the comfort of their home with the click of a button. Below image quickly shows you how transactions have evolved over time. 



·      Pandemic 

During 2020 when Covid-19 became a major problem in Ireland people were encouraged to use contactless payments rather cash payments to reduce their physical contact with other individuals. During this time the limit in which you could a contactless payment with increased from €20 to €50. 

Here is a link to a document I found very interesting to show figures about contactless payments at the very beginning of Covid-19. https://aib.ie/content/dam/aib/group/Docs/Press%20Releases/2020/impact-of-covid-19-on-consumers-using-contactless.pdf

 

Some reasoning for this rapid increase

·      Convenience

Today’s society is all about simplicity and convenience, so as digital payments are a lot quicker than traditional payment methods people opt for digital as it is available to complete online purchasing, pay utility bills, transfer money between friends, etc. Also, digital payment systems are available 365 days a year. 

·      Buy now, pay later (BNPL)

This service allows customers to purchase a good now but spilt the payment into three small transactions using Klarna. This encourages people to use digital payment method as it gives them more flexibility on what they can afford to buy. 

That’s all I have time for this week. I hope you found this topic interesting, please come back next week when I will be discussing SaaS enterprise resource planning for small and medium enterprises.

Molly 

 

 

 

Comments

  1. ReubenH0214 November 2024 at 11:17

    The changes to digital pay has helped me massively

    ReplyDelete
  2. Clodagh Whitty22 November 2024 at 01:49

    Digital payment is so handy for everyone with busy lives! So interesting Molly!

    ReplyDelete
  3. Roisin Waters26 November 2024 at 07:43

    A great read! Helped me in many ways

    ReplyDelete

Post a Comment

Popular posts from this blog

Cybersecurity for Small Businesses:

  Hello and welcome to my final blog of the series, I hope you have enjoyed reading them as much as I have enjoyed researching and writing about each topic. My final topic is Cybersecurity for Small Businesses.   Cybersecurity for Small Businesses is just as important in today’s world as it is for larger companies. This is because smaller businesses are becoming increasingly targeted by cyber-attacks. With smaller businesses having less cyber security it can cause substantial damage to them financially as well as damage their reputation.  In order for small businesses to safeguard their business it is important for them to use strong passwords and to use multi-factor authentication where possible to illuminate the likely hood of a cyber-attack happening to them. Also to make sure that there software and antivirus tools are always kept up to date this can be done by installing a firewall protection.  Another way small businesses can protect their business is to train ...
Read more

SEO for Small Businesses How to Compete with Big Brands Online

Image
  Hello and welcome back to my second last blog of this series. This week's topic is SEO for Small Businesses: How to Compete with Big Brands Online.     A SEO is a search engine optimisation that is a process used to improve traffic to a website using key words and clues to help searchers find what they are looking for. It is hard for small businesses to compete with larger brands online a s they pay for their brand to appear at the top in searches. S ome ways I think are good strategies for smaller businesses to use to optimise their SEO are:   Local keywords   The use of local terms (i.e. Wexford town) will make a smaller brand stand out .  This becomes an a dvantage for smaller brands as when people are searching for something in their area, they will rank higher in a search than the bigger brands as it is more relevant to what was searched. This creates a niche market and gets customers closer to what they are looking for.    Impro...
Read more

Introduction – I am..

Hi, my name is Molly, I am currently in my final year of my four-year degree in SETU Waterford studying marketing. After completing my second year at SETU I graduated with a Higher Certificate in Business Studies, having completed this I decided to add on another two years, and I hope next year graduate with an Honours Degree in Business Studies after specialising in Marketing.     Also, I have a part time job in the retail sector at the weekends, which I love.  During the last semester in college, we undertook work placement I decided to go in the direction of teaching, so I did 12 weeks in a secondary school in which I discovered very quickly that it was not for me. Having completed this I learnt a lot about myself as going there I was very adamant that teaching was the career I wanted, in fact I was very wrong. I am still very glad I did it and now know that I need to reevaluate my future .   I have started this blog as I am going to be posting a series ...
Read more