BanklessTimes‘ CEO Jonathan Merry has been explaining the growing preference for NFTs as a payment medium. He says, “NFTs offer several advantages over traditional forms of payment, including security, transparency, and immutability. With them, you can be confident that your payment will never be lost or stolen and will always be processed as you intended.”
Towards a Cashless Society
That people are using digital payments than is reflected in BanklessTimes’ analysis indicating that 18% of supporters of digital payments believe their country will become cashless in the next year or two. That’s up from 17% in 2021 and 14% in 2020.
This trend will likely continue as cashless payments are more convenient and secure than cash. So, it isn’t surprising that fewer people are saying their country will never become cashless. In 2020, one-third of respondents said this; in 2021, it was one-fifth; now, it’s just 13%.
Governments Remain Central to Adoption
It’s regulations and other policies that will ultimately drive the shift away from physical cash. So it isn’t surprising that 49% Of those who believe their countries will go cashless see the government as having the most significant influence in that push. That figure has risen significantly from 27% in 2021.
Which are the Major Impediments to Cashless Transactions?
While there are benefits to this move towards cashless payments, there are also some challenges. 27% of those confident of the switch to digital payments site government as the main barrier to adoption. That’s an increase from 20% in 2021.
Regulators may not be conversant with the technology. Consequently, they may find regulating digital assets appropriately, efficiently, and successfully challenging.
In addition, 25% cite low consumer acceptance, while 24% point to low business acceptance. Again, 23% deem habits with physical cash as another significant impediment to that realization.