The world is moving away from traditional paper and metal transactions to digital. Over 60% of all transactions worldwide have been digital in 2022, with the number only expected to rise in the coming years. One of the factors that led to the rise of digital payments is the increasing convenience and payment options of customers. With how fast technology advances, we can expect plenty more to come during 2024!
1. Digital wallet
One traditional way we look at finances and payments is our wallet, containing all our personal cards and money. But even that is moving online and becoming replaced with the advent of digital wallets. Digital wallets offer fast and secure deposits and payouts while allowing you to gain valuable insight into your data at a glance.
Plenty of online casinos from the highest payout online casino list have accepted them, and as Sergio Zammit mentions, online casinos offer plenty of benefits to their players, and those who use digital wallets stand out. Because digital wallets allow users to have their credit cards, bank accounts, and even cryptocurrencies in one place, any digital casino that accepts all these payments benefits from the digital trend.
2. Crypto payments
We’ve brushed on the topic of cryptos in the previous item, but cryptocurrencies have finished 2023 with a total market cap of over $1.4 trillion, and their impact on our society and financial institutions keeps rising. The rise of crypto transactions will continue in 2024 because they offer unprecedented transaction safety. Crypto payments function on a blockchain base, which runs a distributed public ledger.
The system enables peer-to-peer communication and forms a decentralized banking system. Because records exist within such a complex system, each action and transaction can be traced and monitored, allowing crypto owners to always have insight into their funds. Transparency, control, and convenience remain the primary benefits of cryptocurrencies which will only expand during 2024 and onwards.
3. Fraud prevention
Because digital payment trends continue to expand and attract more users, the topic of security naturally gains importance. Frauds and malicious attacks are aimed at new or unprotected users, guiding them to reveal potentially sensitive data and transfer their funds to shady accounts. From directly stealing users’ bank accounts to obscuring and misdirecting payments, fraudulent activity caused a staggering $48 billion loss during 2023, highlighting the rising problem.
Banks, transactors, card networks, payment processors, and end users are all affected, and in 2024 the trend towards safer transactions and an increase in cybersecurity will follow the expansion of payment trends. Investments made towards raising awareness, education, and secure payment protocols will all lead to building a safer financial environment.
4. Biometrics
By combining digital and organic, biometric payments use real-life physical characteristics of users to verify and allow transactions online. Before any payment is made, systems in place can check face recognition software, retina scans, fingertips, and other means of verifying the user’s identity. Biometrics are one of the latest security trends in payments, spilling over from the government and security agencies into the banking sector, giving users complete control over their payment safety.