How Will the World of Banking Change with Digital Technology?
Aside from some changes here and there, the world of banking has remained much the same for years. We tied our currencies to the gold standard and later stopped doing this, the US and UK introduced the Bretton Woods System, the US went through Nixon Shock and the UK through decimalization, how we’ve looked at money has generally been the same. But changes in the past few years have already catapulted us towards a future that has a different relationship with finance. From the growth of digital payment methods and the reliance on contactless and paying through our phones to the rise of cryptocurrency and what this could mean for the future, the world of banking is about to change.
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Digital Payment Methods in Casino Gaming and More
Digital payment methods are going to be continuing to grow in banking and many more people are going to be utilizing diverse methods of payment. The online casino industry is an excellent case study as a very competitive sector that has continued to stay at the forefront of banking and payment evolution. This page introducing My Chance, an online casino site that offers players an $1000 welcome bonus when they sign up, not only outlines this offer, but focuses on the methods of payment too. In fact, the site not only offers the standard methods of making payments into and taking payments from your online casino account in order to play games such as roulette, blackjack and slots, but offers a huge range in keeping with the growing trend of changing digital payment methods. Indeed, the site offers Neteller, Trustly, Paysafe Card, EcoPayz, EcoCard, Zipler, Giropay, iDEAL, and iDebit. This shows a major commitment to the future of how players
might want to handle their financial transactions, reflecting the rise of digital payments and the move away from traditional banking and traditional methods. Such moves will also attract those who are interested in the future of online banking and where it might be going to see how exactly using these methods might work. The online casino industry is a proponent of digital payment methods and most sites boast of the e-wallets they support.
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Widespread Cryptocurrency Interest – Libra and Beyond
Another huge development in the world of finance will be the widespread interest that will be garnered for cryptocurrency. Bitcoin has proven its mettle and the countless spin-offs that have spawned as a result of Bitcoin’s huge success show that the industry is definitely one to watch. Ethereum and Ripple have found their value as smart contracts and a faster payment method respectively and the launch of Facebook’s Libra coin will likely increase the general public’s interest and awareness of cryptocurrency. The more people who take a strong interest in cryptocurrency, the more the industry will grow, so a move such as Facebook’s should reflect positively on cryptocurrency and the bank-less form of finance. Adopting cryptocurrency wouldn’t necessarily result in Bitcoin becoming a payment method in stores, but would definitely cement the currency’s value against other currencies that it’s traded against. As cryptocurrencies grow, there is expected to be even more focus on the inherent blockchain networks they use, with the coins themselves be increasingly traded on markets. This will revolutionize the world of finance and invigorate the traditional industry.
The world of banking doesn’t have too much to worry about. Ingrained traditions are unlikely to change too dramatically. While we may see a move towards digital payment methods and digital forms of banking, most people will still use traditional banking methods in addition to these. Facebook’s cryptocurrency will legitimize the industry and likely attract a greater deal of attention from the general public.