With increasing accessibility, mobile banking is poised to become a mainstream payment method. The adoption of QR code scanning has already spurred a surge in online payments, and it’s expected to become the primary payment gateway within the next five years.
Several factors are driving this trend:
- The inconvenience of not having exact change.
- The rejection of old or damaged banknotes.
- The time efficiency of online payments.
While damaged banknotes can be exchanged at banks, the hassle of queuing deters most people. Consequently, damaged cash is widely rejected.
Mobile banking and digital financial solutions have greatly reduced these inconveniences. This shift indicates a growing preference for digital transactions over physical currency. The future of money is undoubtedly digital.
