Cashless payments were taking over for quite a while, especially in the UK, where online transactions are close to eclipsing purchases made via cash. Stop a Brit, and ask them when was the last time they made an essential purchase using cash. They will have a hard time recalling, as people tend to buy goods and tickets online, while cash is used for non-essential purchases, like getting a soda from a vending machine.
According to Valeria Vahorovska, a FinTech expert, the increase in cashless payments is beneficial not only for citizens but for local authorities as well. Yes, purchasing tickets via the Internet made life for UK citizens much easier, but Valeria Vahorovska sees large opportunities behind the use of collected data and its impact on public transportation. Large infrastructure projects can be created with the use of cashless payments.
In the opinion of the co-founder and managing partner of Fondy, online payments can play a crucial role in things like traffic forecasting and new road projecting. Where’s the link, you may ask, but the answer is quite simple. Online transactions make it easier for the authorities to prevent the funds flow past the budget, claims Valeria Vahorovska. It’s also a perfect way to ensure citizens’ security.
Valeria Vahorovska points out that the online payment system minimizes travelers’ risk of losing money. And it’s easier to avoid situations when swindlers try purchasing tickets using your credentials. Just one call to the bank — and the card gets blocked, and the transaction is canceled. Moreover, an automated security system makes it much easier to track down a swindler, unless they use VPN to hide their IP address. But public transportation is not the only thing that benefited from the COVID-19 pandemic.
COVID-19 Reinforces Cashless Payments Revolution
In the first two decades of the millennium, buyers from both sides of the Atlantic were slowly but surely moving towards cashless payments. But the process was not always that simple or safe. As Valeria Vahorovska points out, previously, cross-border transactions were associated with high costs, slowness, and limited access, not to mention the risk of glitches. Thus, creating cross-border transaction eCommerce platforms like Fondy in the noughties was extremely risky.
Things for cross-border transactions started looking brightly during the 2010s. But it would’ve taken it at least one more decade for cashless payment to become that widespread if not for the COVID-19 pandemic. The lockdowns and subsequent fear of tactile interactions made online transaction platforms like Fondy a perfect solution for both buyers and sellers.
Fondy is the flagship of one-stop payment solutions for cross-border eCommerce platforms. With a single integration, the platform can support anything, from local SaaS, markets, platforms, HoReCa, educational institutions, and charity organizations to their international counterparts. Click here to learn more about Fondy and the future of cashless payments.
