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- Deutsche Bank states that digital payments would witness growth at the speed of light in this next decade.
- In the next five years, mobile payments would be accounting for two-fifths of store purchases. This is four times the current level.
A study, which has been conducted by the Deutsche Bank, states that digital payments would witness growth at the speed of light in this next decade. However, cash, which the bank now refers to as dinosaurs, would not go extinct anytime shortly.
It has come to everyone’s notice that as the digital currency has been able to leave its impact in many countries, the usage of cash has also seen a downfall ever since then. However, it is still used in many countries. Like, 69% of US residents choose cash as their preferred payment method.
This indicates that no matter what the situation is, cash payments will always remain a part of the economy. Even if it does change, it is not going to happen any time shortly.
The survey which was conducted by German researchers has recorded the responses of 3,600 respondents from countries like The United States, Britain, China, Germany, France, and Italy.
As per this survey, in the next five years, mobile payments would be accounting for two-fifths of store purchases. This is four times the current level.
Increase in Cryptocurrency Adoption
Further, the report also states that the projected increase in the number of digital wallet owners also indicates the acceptance of cryptocurrency by the people. A few years back, this scenario seemed impossible.
The report lays great attention in China, which might as well emerge out as a non-cash state soon. This is due to the rapid development of digital payment infrastructure.
The researchers who have conducted these surveys have also found out that online payments in China witnessed a doubling since 2012. Additionally, the launch of the digital renminbi might even leave a substantial impact on the global economy.
China’s Involvement in Cryptocurrency
Keeping in mind, the progress of China towards the direction of cryptocurrency, various other countries have got inspired by this and started their research into the National Bank’s Digital Currency (CBDC).
Just this week, it had come out that the Bank of England, along with five other central banks – the Bank of Canada, the Bank of Japan, the European Central Bank, the Riksbank and the National Bank of Switzerland would be studying intensely into the CBDC.
If this happens, it will provide significant benefits to the Bitcoin Exchange companies. However, owing to the risks that cryptocurrency brings along with it, it is going to be a long and hard path for them.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
