It is no secret the financial world is prone to future innovation and disruption on a global scale. Even though established payment providers are looking for new ways to make payments more secure and convenient, there is a lot of pressure from the FinTech and digital currency sector. A recent report by the Dutch central bank touches upon these developments, and what their priorities will be moving forward.
Also read: Bitcoin Price Up; More Gains Today? Interesting Payment Trends In The Netherlands
All over the world, consumers are changing their behavior when it comes to making payments. With so many different options at our disposal, there is a real war going on for payment supremacy, so to speak. While some countries are looking to get rid of cash transactions, The Netherlands is seeing a decline in this number as well. Compared to 2010, there were 600 million fewer cash transactions in 2013. This trend has most likely continued throughout 2014 and 2015, even though the report does not state official numbers.
The way consumers use this cash is also changing over time. Based on the report released by the Dutch central bank, there are fewer ATMs in existence since 2014, and consumers are making far fewer cash withdrawals. Even the number of over-the-counter cash withdrawals has dropped by over 60% since 2010, indicating how people are moving away from cash in favor of electronic and other payment methods.
Part of this mind shift can be attributed to a lack of efficiency when dealing with a cash transaction. Cash is not convenient, and it feels clumsy at times to deal with both bills and coins. Electronic payments let users pay the exact amount they need, by just carrying a plastic card or mobile device. Physical wallets are becoming a thing […]
