Technology has gained so much importance in our day to day life that we have started depending on it for our smallest needs. For instance, even while you are travelling by bus in London, you don’t need to carry cash with you. All you need to do is use your debit card and your entire problem is solved. Debit cards have become really popular among thousands of Londoners. Not only London, major cities across the world are allowing the use of plastic money for simple things like giving bus fares. So, we can see that a cashless society is in the making.
Card readers are being installed in almost every kind of business other than transport. You can use plastic money and make your purchase even if you have no cash with you. This is really helpful for impulsive buyers. Even when you go out to eat, you can make your payment using cards. More and more restaurants are installing the card readers in order to keep the customers from using the services of their competitors. If you don’t want to get ousted by your competitors, it is really essential to upgrade your business to the changing needs of the society.
Apart from debit cards, use of mobile for making payments is also on the rise. Advanced technology coupled with use of smartphones has turned phones into wallets. Discounts and various offers are provided depending on your location. In London, different software is used by different companies for providing payment facilities for their customers using different information. Some popular applications include Tab, Droplet, Barclay’s Pingit, Sage, et al. Different procedures are used to make the payments. For instance, for Tab software takes your mobile number and photos as identity proof and you can make your payment online. You will also get discounts as an enticement. Some make use of Quick Response (QR) code which can be scanned to pay for the purchase made.
The ease of payment for customers is not the only reason for the increased use of cashless payment. Companies that develop different software applications for this payment process are also enjoying huge profit. They can make money easily with this business and this is what prompts more and more entrepreneurs to join this money spinning bandwagon. Square Wallet app, Zapp, etc have made their presence felt in many countries. More and more applications are being developed thereby promoting the use of cashless payments.