Payment Trends for 2016 - Cashless Payments Continue to Grow

Payment Trends for 2016 - Cashless Payments Continue to Grow

RELEASE DATE
11 Jan 2016

​A recent article reveals to us the trends that we can expect in payments for the upcoming year. Firstly, it seems to be the leading year for mobile payments. Companies like Google and Apple are pushing for the first place in the mobile payment space, which means that probably we will see further developments from other companies throughout this year. Cashless technology applied to watches, bracelets and even rings will develop as new ways of payments this year.

What is clear is that every single advance in currency and payment technology will be significant, due to the improved security features designed to make them safer. One of the latest developments in the payment industry is tokenisation which is effectively the substitution of the credit card's security number and detail by digital “tokens”. 


No harm can be done if the tokens are stolen as they are only used during the payment process. Comparing this with more common methods like passwords, PIN and digital print, they all share the same disadvantage: weakness.  This could be an important year for the advance of tokenisation security.


In general terms, we can affirm that the British society’s movement, ahead of much of the rest of the World, is from cash to digital money. 


According to the UK Cards Association, 12 billion card purchases took place last year. There were additional increases in the value of transactions.

 

We recently published an article about how some countries are considering becoming totally cashless –such as Sweden, where it is becoming increasingly difficult to use cash for some transactions. Is the end of cash nearly coming? We don’t know for sure, but cashless systems are, definitely, the major trend in payments.



At Eurocoin, we have a wide range of payment solutions – providing and validating both cash and cash-less transactions - that will suit your specific business application.


Please, do not hesitate to contact our sales department for any further information you may require. 


We will be pleased to assist you at sales@eurocoin.co.uk or visit our website www.eurocoin.co.uk for more details.


Or give us a call directly on 01707 280028 & we'll be pleased to talk over your latest ideas and applications.