We are swiftly becoming a cashless society. An American study found that in a typical week, 30% of people don’t make any transactions with cash at all. The study also found that 75% of people carry less than $50 of cash in their wallet. The fact is that we are ditching the coins in favor of digital, debit and credit card payments. To ensure financial inclusion for everyone, this means that the technology has to follow suit. In 2019, gadgets and innovations are helping people manage their cashless transactions easily and also helping them to keep track of their personal finances.

Payment wearables

Payment wearables are an alternative to using cell phones or bank cards to make payments in stores. If you haven’t got a smartphone, then they offer an alternative way to buy goods and services. It means that customers can still use the internet on a desktop, laptop or tablet to access their banking details, but don’t need to have access to smartphone services such as Apple Pay. One of the cheapest wearables on the market is the bPay for around $20. You can link it to your bank account and use it to pay anywhere you see the contactless symbol.

Real-time payments

One innovation that is helping pave the way towards financial inclusion is advancements in real-time payments. Currently, when you pay for something using your debit or credit card, it may be several days before the money is actually taken from your account. For those living on a limited budget, or trying to manage finances carefully this can be a real issue. The customer needs to know that as soon as they make a payment, the money is taken from their bank account – it makes your funds easy to keep track of. Real-time payments are driving the industry forward, as banks and financial institutions are starting to step up and meet this demand.

Peer-to-peer transactions

Another move forward is with peer-to-peer transactions (P2P). A quick and easy way to convert Bitcoin to cash. Moreover, a way that both individuals and businesses can easily and quickly transfer money through an intermediary service. Last year ⅓ of smartphone users transferred money through a P2P service. This payment innovation puts lenders and borrowers directly in touch with one another, without the need to go through a bank or loan company to gain funding. It reduces the need for cash payments for small services such as paying the hairstylist or babysitter. Instead, you can make payment through your cell phone. This is particularly an advantage if you live a long way from an ATM or banking facilities. 

Tech innovations in 2019 are focusing heavily on cashless payments. They are helping to make digital transactions easier for everyone.