The world is changing. Especially in 2020, the global disruptions caused by the COVID-19 pandemic are witnessing new transformations.
A study conducted by the University of Oxford; it shows that the coin can hold over 26,000 bacteria per banknote. In this process where the pandemic is still continuing; the fact that banknotes and coins are a means of transmission of infection and the need to minimize physical contact; It continues to affect the relationships that consumers and companies have with each other, and at this point everything starts to go even more digital. As a result of the decrease in the use of cash, the widespread use of digital payments is of great importance. Digital payments continue to disrupt past industry structures, creating entirely new economies. Besides, it brings a new breath to the way of working and living. When the rates of payments in developed markets are examined, digital payments constitute more than 60%. Sweden is expected to become the world’s first cashless society by 2023.
On the other hand, the digitization of the currency is one of the other issues that attract attention. The digitalization of currencies allows the removal of their financial borders. In addition, as trading and payment systems continue to evolve; Mobile devices, big data, developed applications and many other developments are changing the way we communicate, our working conditions and everything about our payment methods. However, new transformations in trade must be accepted by the entire ecosystem of consumers, merchants, partners and regulators before they gain a share of reality. This is the case with cryptocurrency, virtual currency; In addition, while it applies to the innovative technology underlying the blockchain, these phenomena have different potentials when considered on the basis of the commerce and payment industries. For example;
Blockchain
technology has the potential for trust, identity, payment, contract, and custody. In addition to being a new way of managing and moving money, virtual coins provide access to the financial ecosystem without a bank account. Cryptocurrencies, on the other hand, break new ground by going beyond the traditional financial infrastructure with their security and decentralization features.
With all these developments and under changing conditions,
digital currencies
continue to be widely adopted and used by consumers across the entire financial ecosystem. In the coming years, the currency is expected to become fully digital and Fintechs are expected to have the support of governments and regulators.
