Can You Really Find Future of Finance On The Web: ATM and Bank Branch Extinction!

The world is advancing at such a rate now, to the point that it appears to be almost inevitable that we are gradually heading towards a cashless society. You just have to head outside and approach your daily life to perceive how fast technology is advancing. The world is advancing at such a rate now, to the point that it appears to be almost inevitable that we are gradually heading towards a cashless society. You just have to head outside and approach your daily life to perceive how fast technology is advancing. The question is c - an you really find future of finance on the web in the era of ATM and Bank branch extinction? Well, take London as an example. They're actively encouraging individuals not to carry cash around with them with recent initiatives they've introduced.

First of all, they issued Oyster cards, which individuals can use to pay for London's transport and cylinder networks, and just recently the Evening Standard made it feasible for customers to pay for their newspaper via a cashless payment card. Presently they're considering making it conceivable to pay for parking in the city via mobile telephone rather than parking meters, so this is one more reason for individuals not to carry cash around with them.
If this spreads to the rest of the UK, and in the event that other countries adopt similar initiatives, it's surely just a matter of time before the entire of the western world uses technology as prepaid payment cards to make cash obsolete.

A Trend of Shutting down ATMs and Bank branch

Let’s come back to the topic - Can you really find future of finance on the web: ATM and Bank branch extinction? According to the report, the number of ATMs started declining at a rate of 3,600 annually in 2017, which will make 2037 the year they will never again be around in the UK. Bank branches will hang on for an additional four years, yet Expert Market is predicting by 2041 you won't see them around either.
Although the study was done in the UK, a global trend is taking place in which cash is being utilized with less frequency by consumers. Retailers are also getting on board with the bandwagon, as many local small organizations are selecting to wind up plastic just or no-cash establishments.
If the trend towards a cashless society proceeds at the normal pace, it's more important than ever for individuals to adapt. With access to cash prone to be extremely constrained and eventually non-existent, individuals ought to get to grips with internet banking without a moment's delay and organizations ought to ensure that card machines are existing at every store. Since organizations rely on consumers, they have to adapt by providing more payment choices for their customers.
The main reason we require cash right now is to pay for those small things from retail stores, yet the technology is clearly there to make payment cards fit for this purpose, and I think pretty soon it will end up being the norm to pay for everyday products via some sort of payment card.
Furthermore, the fact that more and more individuals have mobile telephones and access to the internet means that individuals could easily make payments to a payment card via these means. Therefore, they would simply need to transfer money electronically to their card so they can utilize it on the high street.
Of course, the major downside is that we are heading closer the government knows exactly what you are doing as they can track all your activities electronically. However insofar as you're not engaging in any criminal activity then I don't believe there's any major cause for concern, although I'm sure the conspiracy theorists won't agree.
Ultimately you can't quit advancing advancements and regardless of the amount you hate mobile telephones, the internet, it's surely now just a matter of years before we turn into a cashless society where digital money replaces physical money.
Governments around the world must respond to this new measurement, where hackers represent a range of threats to institutions, individuals, and economic stability itself. The majority of the governments have abandoned themselves with brief period to create the requisite mitigation capabilities. The quickness of digitization and technology adoption is great however it must accompany some stability, privacy, and security. To achieve this, a comprehensive approach for securing the digital ecosystem must be conceived and a few actions must be taken immediately. So, can you really find the future of finance on the web? Well, ATM and Bank branch extinction are certainly on the cards and web is your only solution.


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Article Tags: cashless payment card , Top identity theft protection , How to prevent credit card fraud

Submitted On Feb 05, 2019. Viewed 26 times.

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