A New Era of Digital Money & Security

The increasing use of digital financial services—mobile banking, online purchasing, and peer-to-peer payments—means that money is increasingly passing from computer to computer rather than through human hands. There will be no cash, plastic cards, paper bills, checks, envelopes, or stamps. Digital is no longer just another method of transferring funds. 

Every organisation that moves money must interact with customers through computers, smartphones, and other devices, and provide quick, secure payment services. As consumers worldwide sought to shop without contacting anything or going anywhere, the covid-19 pandemic boosted digital money movement, from online purchases to contactless payments and smartphone wallets.

“The common denominator across almost all post-pandemic behavioural shifts is the growing importance of digital payments. Covid forced a market that was already growing to greatly accelerate,” says Paul Fabara, executive vice president and chief risk officer at Visa, whose worldwide networks handled an estimated $13 trillion worth of transactions last year.