2020 Is The Year of Cashless Payments

Is anybody carrying cash these days?

I seldom carry cash in my wallet. And even when I do, it’s hardly enough for a restaurant tip. The world is evolving right in front of our eyes, and it’s been fascinating to witness. Specifically, with cashless transactions.

We witnessed a lot of cashless payment applications surge to the forefront of our everyday lives between 2015 and 2020. I was using applications like Venmo and The Cash App on a daily basis before I realized it, despite never having heard of them before. Venmo handled almost $27 billion in cashless payments in the last quarter alone.

Don’t forget about Apple Pay, Apple’s wireless payment system that enables you to link your credit and debit cards, which seems to be becoming a more common form of payment with each passing year.

Rising Tech Powerhouses

Here’s what Venmo and The Cash App, two of the most popular cashless payment apps, have been up to in 2019.

Venmo’s app has received a GIF function, enabling users to express themselves more colorfully while conducting transactions.

Over the last two years, both Venmo and Cash App have developed their own debit cards for its users, each with their own unique twist.

• Venmo customers may choose their debit card color from a selection of six options.
• The Cash App does not have a variety of color choices, but it does enable users to digitally sign and engrave their name into their sleek black card.

What Does This Imply for Us?

We should anticipate cashless transaction behemoths like Venmo and The Cash App to ramp up their business models in 2020, as well as continue to tailor their consumers’ experiences.

Venmo, for example, stated in October that it will launch its first credit card in 2020. This follows Apple’s unique Credit Card, which was launched in 2019 after a deal with Goldman Sachs.

In 2020, Amazon aims to expand its cashierless shops. You just stroll into the shop using the Amazon Go app, choose what you want, and leave. Crazy.

• Even 7-Eleven has opened a cashier-less shop in Texas to show how much cashless payments have taken control.

What comes next? I’m not sure, but I am certain that 2020 will be the year of cashless transactions. Significantly more so than in 2019. People, buckle up.