{"id":11933,"date":"2023-07-11T13:39:06","date_gmt":"2023-07-11T11:39:06","guid":{"rendered":"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/?post_type=case-study&#038;p=11933"},"modified":"2024-12-03T10:58:52","modified_gmt":"2024-12-03T08:58:52","slug":"digitalizing-money-adding-debit-and-credit-cards-to-mobile-devices","status":"publish","type":"case-study","link":"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/case-studies\/digitalizing-money-adding-debit-and-credit-cards-to-mobile-devices\/","title":{"rendered":"Digitalizing money: Adding debit and credit cards to mobile devices"},"content":{"rendered":"\n<div class=\"wp-block-cgb-section-block padding-top-0 padding-bottom-0 c-padding-left-0 c-padding-right-0\"><div class=\"container container__full\">\n<figure class=\"wp-block-image size-full img-responsive\"><img decoding=\"async\" width=\"1640\" height=\"300\" data-src=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-content\/uploads\/2023\/07\/cs_1640x300coop-e1726137677197.jpg\" alt=\"\" class=\"wp-image-11936 lazyload\" data-srcset=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-content\/uploads\/2023\/07\/cs_1640x300coop-e1726137677197.jpg 1640w, https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-content\/uploads\/2023\/07\/cs_1640x300coop-e1726137677197-300x55.jpg 300w, https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-content\/uploads\/2023\/07\/cs_1640x300coop-e1726137677197-1600x293.jpg 1600w, https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-content\/uploads\/2023\/07\/cs_1640x300coop-e1726137677197-768x140.jpg 768w, https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-content\/uploads\/2023\/07\/cs_1640x300coop-e1726137677197-1536x281.jpg 1536w\" data-sizes=\"(max-width: 1640px) 100vw, 1640px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1640px; --smush-placeholder-aspect-ratio: 1640\/300;\" \/><\/figure>\n<\/div><\/div>\n\n\n\n<section class=\"wp-block-cgb-section-block border-bottom-EAEAEA\"><div class=\"container container__main\">\n<div class=\"wp-block-cgb-section-block left\"><div class=\"container container__narrow\">\n<p class=\"size20 margin-top-0\">The rise of electronic money has revolutionized the way we handle transactions, eliminating the need for physical currencies and paving the way for a more efficient payment system.<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading size20 margin-top-0\" id=\"tech-idea-validation\">Client challenge<\/h3>\n\n\n\n<p>Coop Bank exclusively issues Mastercard brand cards.<\/p>\n\n\n\n<p>The client wanted to enable the bank&#8217;s customers to add debit and credit cards to mobile devices, including Google Wallet and Apple Wallet.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading size20 margin-top-0\" id=\"service-design\">Technologies<\/h3>\n\n\n\n<p>Java 11, Spring Boot, PostgreSQL, Vue.js &amp; Vuetify, Microservices, Python for testing<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading size20 margin-top-0\" id=\"user-experience-design\">Project duration<\/h3>\n\n\n\n<p>From November 1, 2022, to May 31, 2023.<\/p>\n<\/div>\n<\/div>\n<\/div><\/section>\n\n\n\n<section class=\"wp-block-cgb-section-block border-bottom-EAEAEA\"><div class=\"container container__main\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<h2 class=\"wp-block-heading\">Solution at a glance<\/h2>\n\n\n\n<p>The solution was to develop Mastercard MDES service support for the bank, especially services such as Payment Account Management API, Pre-digitization API and Customer Service API.<\/p>\n\n\n\n<p>We:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>created a MDES pre-digitization service.<\/li>\n\n\n\n<li>integrated the MDES pre-digitization service directly with Mastercard services.<\/li>\n\n\n\n<li>developed customer support systems.<\/li>\n\n\n\n<li>developed an automated Mastercard Payment Account Management service linked to the bank account infrastructure.<\/li>\n<\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<aside class=\"wp-block-cgb-section-block\" style=\"background-color:#f3f7f9\"><div class=\"container container__full\">\n<p>\u201cThe project was carried out very professionally and with the highest quality. The communication was quick and whenever needed, we had constructive discussions during the solution development. The analysis part was very comprehensive, the partner understood the nature of the service, and therefore the execution was exactly what was agreed upon. All deadlines and budgets were met and process documented.\u201d<\/p>\n\n\n\n<p><strong><em>Martin Kuustik<\/em><\/strong>, Coop Pank AS,<em> Head of IT<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"163\" height=\"44\" data-src=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-content\/uploads\/2023\/07\/coop-logo.svg\" alt=\"\" class=\"wp-image-11938 lazyload\" style=\"--smush-placeholder-width: 163px; --smush-placeholder-aspect-ratio: 163\/44;width:100px;height:undefinedpx\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div><\/aside>\n<\/div>\n<\/div>\n<\/div><\/section>\n\n\n\n<section class=\"wp-block-cgb-section-block\"><div class=\"container container__main\">\n<h2 class=\"wp-block-heading size30\">Results<\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading size20 margin-top-0\" id=\"tech-idea-validation\"><\/h3>\n\n\n\n<p>A MDES pre-digitization service that allows authorization of debit- and credit card digitization requests, connecting seamlessly with existing bank accounts.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.coop.ee\/\" target=\"_blank\" rel=\"noreferrer noopener\">Coop<\/a> has a solution that integrates directly with Mastercard services without intermediate third-party services.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading size20 margin-top-0\" id=\"service-design\"><\/h3>\n\n\n\n<p>We developed customer support systems that allow support personnel to gain insight into customers&#8217; digitized cards and support customers throughout their journey with digital payment cards.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading size20 margin-top-0\" id=\"user-experience-design\"><\/h3>\n\n\n\n<p>Card issuers may seamlessly govern the lifecycle of physical payment cards (issue, close, and renew) without significantly impacting digitized cards. (This was enabled by <a href=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/digital-service-development\" target=\"_blank\" rel=\"noreferrer noopener\">developing<\/a> automated Mastercard payment account management services.)<\/p>\n<\/div>\n<\/div>\n<\/div><\/section>\n\n\n\n<section class=\"wp-block-cgb-section-block left\" style=\"background-color:#f4f4f4\"><div class=\"container container__main\">\n<div class=\"wp-block-cgb-section-block\"><div class=\"container container__narrow\">\n<h2 class=\"wp-block-heading\" id=\"service-design-case-studies\">Related case studies<\/h2>\n\n\n\n<p>Our case studies give an insight into how human-oriented design principles will help product companies persuade customers to go on a journey with smart, connected products.<\/p>\n<\/div><\/div>\n\n\n<div class=\"case-shortcode\"><div class=\"row\"><article class=\"col-md-4 post-12886 case-study type-case-study status-publish has-post-thumbnail hentry casestudy_cat-digital-services count-1\"><div class=\"post__wrap\">\n\t<div class=\"post__img\">\n\t\t<a href=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/case-studies\/self-service-portal-for-nordic-telecom-companys-business-customers\/\">\n\t\t\t<img decoding=\"async\" width=\"1200\" height=\"627\" data-src=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-content\/uploads\/2024\/01\/cs_1200x630telco-1200x627.jpg\" class=\"img-responsive wp-post-image lazyload\" alt=\"\" data-srcset=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-content\/uploads\/2024\/01\/cs_1200x630telco-1200x627.jpg 1200w, https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-content\/uploads\/2024\/01\/cs_1200x630telco-300x158.jpg 300w\" data-sizes=\"(max-width: 1200px) 100vw, 1200px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1200px; --smush-placeholder-aspect-ratio: 1200\/627;\" \/>\t\t<\/a>\n\t<\/div>\n\t<div class=\"post__inner\">\n\t\t<header class=\"post__header\">\n\t\t\t<div class=\"entry-header\">\n\t\t\t\t\n<div class=\"post__categories\">\n    <div class=\"entry-categories__inner\">\n        <ul class=\"post-categories\">\n            <li class=\"category category--color-discover\"><a href=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/case-category\/digital-services\/\">Case Study<span>User-centric digital services<\/span><\/a><\/li>        <\/ul>\n    <\/div>\n<\/div>\t\t\t\t\t            <h2 class=\"entry-title\"><a href=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/case-studies\/self-service-portal-for-nordic-telecom-companys-business-customers\/\" rel=\"bookmark\">Self-service portal for Nordic telecom company&#8217;s business customers\u00a0<\/a><\/h2>\t\t\t<\/div>\n\t    <\/header>\n\t    \t<\/div>\n<\/div><\/article><article class=\"col-md-4 post-12508 case-study type-case-study status-publish has-post-thumbnail hentry casestudy_cat-digital-services count-2\"><div class=\"post__wrap\">\n\t<div class=\"post__img\">\n\t\t<a href=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/case-studies\/a-self-service-app-for-a-nordic-telecom-company\/\">\n\t\t\t<img decoding=\"async\" width=\"1194\" height=\"627\" data-src=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-content\/uploads\/2017\/12\/1200x630_selfservice.png\" class=\"img-responsive wp-post-image lazyload\" alt=\"\" data-srcset=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-content\/uploads\/2017\/12\/1200x630_selfservice.png 1200w, https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-content\/uploads\/2017\/12\/1200x630_selfservice-300x158.png 300w, https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-content\/uploads\/2017\/12\/1200x630_selfservice-1024x538.png 1024w, https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-content\/uploads\/2017\/12\/1200x630_selfservice-768x403.png 768w\" data-sizes=\"(max-width: 1194px) 100vw, 1194px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1194px; --smush-placeholder-aspect-ratio: 1194\/627;\" \/>\t\t<\/a>\n\t<\/div>\n\t<div class=\"post__inner\">\n\t\t<header class=\"post__header\">\n\t\t\t<div class=\"entry-header\">\n\t\t\t\t\n<div class=\"post__categories\">\n    <div class=\"entry-categories__inner\">\n        <ul class=\"post-categories\">\n            <li class=\"category category--color-discover\"><a href=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/case-category\/digital-services\/\">Case Study<span>User-centric digital services<\/span><\/a><\/li>        <\/ul>\n    <\/div>\n<\/div>\t\t\t\t\t            <h2 class=\"entry-title\"><a href=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/case-studies\/a-self-service-app-for-a-nordic-telecom-company\/\" rel=\"bookmark\">A self-service app for a Nordic telecom company<\/a><\/h2>\t\t\t<\/div>\n\t    <\/header>\n\t    \t<\/div>\n<\/div><\/article><article class=\"col-md-4 post-13313 case-study type-case-study status-publish has-post-thumbnail hentry casestudy_cat-digital-services count-3\"><div class=\"post__wrap\">\n\t<div class=\"post__img\">\n\t\t<a href=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/case-studies\/factory-automation-tools-yoshi\/\">\n\t\t\t<img decoding=\"async\" width=\"1200\" height=\"627\" data-src=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-content\/uploads\/2024\/02\/cs_1200x630yoshi-1200x627.jpg\" class=\"img-responsive wp-post-image lazyload\" alt=\"\" data-srcset=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-content\/uploads\/2024\/02\/cs_1200x630yoshi-1200x627.jpg 1200w, https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-content\/uploads\/2024\/02\/cs_1200x630yoshi-300x158.jpg 300w\" data-sizes=\"(max-width: 1200px) 100vw, 1200px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1200px; --smush-placeholder-aspect-ratio: 1200\/627;\" \/>\t\t<\/a>\n\t<\/div>\n\t<div class=\"post__inner\">\n\t\t<header class=\"post__header\">\n\t\t\t<div class=\"entry-header\">\n\t\t\t\t\n<div class=\"post__categories\">\n    <div class=\"entry-categories__inner\">\n        <ul class=\"post-categories\">\n            <li class=\"category category--color-discover\"><a href=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/case-category\/digital-services\/\">Case Study<span>User-centric digital services<\/span><\/a><\/li>        <\/ul>\n    <\/div>\n<\/div>\t\t\t\t\t\t\t\t\t<div class=\"entry-logo\">\n\t\t\t\t\t    <img decoding=\"async\" data-src=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-content\/uploads\/2024\/02\/oshino_logo.svg\" alt=\"\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" \/>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t            <h2 class=\"entry-title\"><a href=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/case-studies\/factory-automation-tools-yoshi\/\" rel=\"bookmark\">Factory automation tool Yoshi raises operator engagement and shop-floor efficiency<\/a><\/h2>\t\t\t<\/div>\n\t    <\/header>\n\t    \t<\/div>\n<\/div><\/article><\/div><div class=\"shortcode-read-more-link-wrap arrow-link-dark-blue-2\"><a class=\"shortcode-read-more-link\" href=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/case-category\/digital-services\/\">See more case studies on User-centric digital services<\/a><\/div><\/div>\n<\/div><\/section>\n\n\n\n<section class=\"wp-block-cgb-section-block\"><div class=\"container container__main\">\n<div class=\"wp-block-cgb-section-block left\"><div class=\"container container__narrow\">\n<h2 class=\"wp-block-heading\">More on Digitalizing Money<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">What is Cash Digitization?<\/h3>\n\n\n\n<p>Cash digitization is the process of transforming physical cash (coins and banknotes) into digital form. This allows money to be stored, transferred and used for financial transactions electronically.<\/p>\n\n\n\n<p>A survey by <a href=\"https:\/\/www.investopedia.com\/terms\/i\/imf.asp\" target=\"_blank\" rel=\"noreferrer noopener\">International Monetary Fund (IMF) in 202<\/a>1 found out that 111 out of 159 countries are planning to launch digital money in the near future.<\/p>\n\n\n\n<p>Digital money and banking is now a global priority. A leading financial solutions company, <a href=\"https:\/\/www.jpmorgan.com\/solutions\/treasury-payments\/insights\/digitization-cash-management\">J.P Morgan believes that robotics, virtual branches and data analytics will replace physical cash<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Current Cash Landscape<\/h3>\n\n\n\n<p>Consumer spending trends are going digital and we need to understand the current cash landscape.<\/p>\n\n\n\n<p>In this part of the blog we will look into the challenges of traditional cash systems, cash usage trends and statistics and the impact of cash on businesses and society.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Challenges of Traditional Cash Systems<\/h3>\n\n\n\n<p>Traditional cash systems are facing their own set of challenges. One of the biggest is the need for convenience and speed in financial transactions.<\/p>\n\n\n\n<p>Traditional cash systems need cash flow management to have enough liquidity for daily operations. They need cash forecasting and cash reconciliation which can be difficult and time consuming.<\/p>\n\n\n\n<p>As digital payments become popular, traditional cash systems seem cumbersome and time consuming. Managing physical cash involves storage, security, transportation and counterfeit detection costs which can be a big burden to businesses. Central bank digital currencies (CBDCs) can give access to banking services to individuals and businesses that don\u2019t have access to traditional banking systems thus reducing the barriers of cash handling and a more inclusive financial landscape.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Cash Usage Trends and Statistics<\/h3>\n\n\n\n<p>To understand the future of consumer spending we need to look at the trends and statistics of cash usage. Cash is still a widely used payment method but its dominance is decreasing.<\/p>\n\n\n\n<p>With electronic payment methods like credit and debit cards, mobile wallets and online transfers, consumers are looking for convenience. The rise of electronic currency (hard and soft) further proves the shift from cash to <a href=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/blog\/digital-transformation\/focus-on-transformation-to-succeed-in-digital\" target=\"_blank\" rel=\"noreferrer noopener\">digital transactions<\/a>. Understanding consumer behavior is key for businesses to adjust their strategies.<\/p>\n\n\n\n<p>Let\u2019s look at some stats on cash digitization:<\/p>\n\n\n\n<p>&#8211; According to <a href=\"https:\/\/www.worldbank.org\/en\/news\/press-release\/2022\/06\/29\/covid-19-drives-global-surge-in-use-of-digital-payments\" target=\"_blank\" rel=\"noreferrer noopener\">World Bank<\/a>, digital banking has been moving fast since 2019 pandemic.<\/p>\n\n\n\n<p>&#8211; According to European Central Bank, preference for cash over digital banking has decreased from 79% in 2016 to 59% in 2022.<\/p>\n\n\n\n<p>&#8211; <a href=\"https:\/\/www.insiderintelligence.com\/content\/snapshot-of-cash-usage-around-world\" target=\"_blank\" rel=\"noreferrer noopener\">Another report by Insider Intelligence<\/a> says point-of-sale transaction by cash was 18% in 2022. It will decrease to 10% by 2025 globally.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Cash and Businesses and Society<\/h3>\n\n\n\n<p>Cash affects both businesses and society as a whole. For <a href=\"https:\/\/www.insiderintelligence.com\/content\/snapshot-of-cash-usage-around-world\" target=\"_blank\" rel=\"noreferrer noopener\">businesses<\/a>, cash transactions can create operational challenges like cash management, cash forecasting and risk of theft or robbery. The structure and stability of the financial system is also influenced by the use of cash, thus policy questions on financial stability and credit availability.<\/p>\n\n\n\n<p>Accepting only cash payments can limit customer access especially in a digital world. Cash transactions can lead to illegal activities, tax evasion and money laundering.<\/p>\n\n\n\n<p>Digital payments offers transparency and traceability thus authorities can combat financial crimes better. Digitization of cash can also bring financial inclusion thus individuals without access to traditional banking systems can participate in the economy.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Technologies Behind Cash Digitization<\/h3>\n\n\n\n<p>As we\u2019ve mentioned earlier, recent technologies are driving the cash digitization trends and evaluation of digital assets by financial institutions. Cash digitization is changing consumer spending. These technologies means a more efficient, secure and convenient payment system.<\/p>\n\n\n\n<p>Businesses that adjust to these trends and solutions like Wavetec\u2019s can meet the changing needs of their customers and get a competitive advantage in the digital space. We\u2019ll discuss the use cases that enables cash digitization.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mobile Payments and Digital Wallets<\/h3>\n\n\n\n<p>One of the major drivers of cash digitization is the mass adoption of mobile payments and digital wallets. With the rise of smartphones, consumers can now make secure transactions with just a few taps on their screens.<\/p>\n\n\n\n<p>Mobile payment platforms and digital wallets like Apple Pay, Google Pay and Samsung Pay have changed the way we pay for goods and services.<\/p>\n\n\n\n<p>These solutions eliminate the need for physical cash and offers additional features like loyalty programs and easy access to transaction history.<\/p>\n\n\n\n<p>All you need is a stable internet connection to send money to anyone in the world \u2013 no more waiting for someone to bring the cash for you.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Contactless Payment Solutions<\/h3>\n\n\n\n<p>With contactless payment methods like Near Field Communication (NFC) and Radio Frequency Identification (RFID), consumers can pay by just tapping or waving their cards or smartphones to the payment terminals.<\/p>\n\n\n\n<p>This offers a faster, more convenient and hygienic payment experience which is very important in a world where physical contact has been minimized since COVID-19.<\/p>\n\n\n\n<p>Healthcare, retail and finance industries are the first to adopt this.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Future and Trends in Cash Digitization<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>IoT and Cashless Payments<\/strong><\/h4>\n\n\n\n<p>One of the trends in cash digitization is the integration of Internet of Things (IoT) with cashless payments.<\/p>\n\n\n\n<p>IoT devices like smartwatches and connected home devices are getting more common, providing convenient and secure ways for consumers to transact without physical cash.<\/p>\n\n\n\n<p>These devices can connect to payment platforms and enable payments anywhere \u2013 retail stores, online shopping and public transportation.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Central Bank Digital Currencies (CBDCs)<\/strong><\/h4>\n\n\n\n<p>Another development in cash digitization is the emergence of Central Bank Digital Currencies (CBDCs). CBDCs are digital form of traditional fiat currencies issued and regulated by central banks, it\u2019s a digital form of central bank money. Central bank money includes physical currency and digital balances which is important to understand the implications of CBDCs in the financial system.<\/p>\n\n\n\n<p>These digital currencies offers faster and more secure transactions, financial inclusion and transparency in the payment system.<\/p>\n\n\n\n<p>Many countries around the world are exploring or piloting CBDC projects, it\u2019s a sign that digital currencies will be the new norm for payments.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Payment Technology Innovations<\/strong><\/h4>\n\n\n\n<p>Cash digitization is driven by payment technology innovations.<\/p>\n\n\n\n<p>Fintech and traditional financial institutions are constantly developing new solutions to improve the consumer payment experience. These are to reduce cash dependence.<\/p>\n\n\n\n<p>Innovations and recent technologies include mobile payment apps, contactless payment methods like Near Field Communication or QR code payments, biometric authentication with fingerprint or facial recognition and blockchain-based payment systems.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Global Cashless Economy<\/strong><\/h4>\n\n\n\n<p>s the benefits and convenience of digital payments is getting more visible, there is a global shift towards cashless economy. Many countries are experiencing decline in cash usage as consumers are adopting <a href=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/blog\/digital-transformation\/build-a-resilient-business-with-the-help-of-technology\" target=\"_blank\" rel=\"noreferrer noopener\">digital payment methods<\/a>. This shift is further boosted by the potential of Central Bank Digital Currencies (CBDCs) to facilitate faster and cheaper cross-border payments and improve financial inclusion and reduce foreign exchange complexities.<\/p>\n\n\n\n<p>A <a href=\"https:\/\/www.weforum.org\/agenda\/2023\/03\/could-we-be-seeing-the-end-of-cash-digital-currency\/\" target=\"_blank\" rel=\"noreferrer noopener\">2021 Orgio Group and the Payments Investigation<\/a> found that only 8% of Swedes used cash in their last purchase compared to 77% who used a bank card.<\/p>\n\n\n\n<p>Governments, financial institutions and businesses are driving this change by promoting electronic transactions and building the infrastructure. The growing acceptance and adoption of digital wallets, mobile banking and online payment platforms is reducing cash transactions.<\/p>\n\n\n\n<p><strong>Talk to Proekspert on <\/strong><a href=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/digital-service-development\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>digitalizing money<\/strong><\/a><strong> for your institution.<\/strong><\/p>\n<\/div><\/div>\n<\/div><\/section>\n\n\n<section class=\"wp-block-cgb-section-block contact-form left\" id=\"section-contact-form-3123\"><div class=\"container container__main\"><div class=\"contact-form-column\"><div class=\"row\"><div class=\"col-md-8 contact-form-form-column\"><h2>Share your challenge with us<\/h2><div class=\"lb-eventbox-content\"><div class=\"lb-form\"><form class=\"lb-reg-form\"><input type=\"hidden\" name=\"id\" value=\"3123\"><input type=\"hidden\" name=\"url\" id=\"url\" value=\"https:\/\/clients.triloogia.ee\/proekspert\/wp-new\/wp-json\/wp\/v2\/case-study\/11933\"><input type=\"hidden\" name=\"cid\" id=\"cid\" value=\"\"><input type=\"hidden\" name=\"gaid\" id=\"gaid\" value=\"\"><div class=\"form-fields\"><div class=\"form-group form-group--name\"><label for=\"3123_name\">Full name <span class=\"required-dot\">*<\/span><\/label><input type=\"text\" name=\"name\" id=\"3123_name\" required><\/div><div class=\"form-group form-group--company\"><label for=\"3123_company\">Company<\/label><input type=\"text\" name=\"company\" id=\"3123_company\"><\/div><div class=\"form-group form-group--email\"><label for=\"3123_email\">E-mail <span class=\"required-dot\">*<\/span><\/label><input type=\"text\" name=\"email\" id=\"3123_email\" required><\/div><div class=\"form-group form-group--message\"><label for=\"3123_message\">Your message <span class=\"required-dot\">*<\/span><\/label><textarea name=\"message\" id=\"3123_message\" required><\/textarea><\/div><\/div><div class=\"lb-error\"><p>Please fill all the mandatory fields (marked with *).<\/p><\/div><div class=\"lb-submit\"><button class=\"wp-block-button__link\">Send message<\/button><svg class=\"contact-form-loader\" width=\"38\" height=\"38\" viewBox=\"0 0 38 38\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke=\"#3890E4\"><g fill=\"none\" fill-rule=\"evenodd\"><g transform=\"translate(1 1)\" stroke-width=\"2\"><circle stroke-opacity=\".5\" cx=\"18\" cy=\"18\" r=\"18\"\/><path d=\"M36 18c0-9.94-8.06-18-18-18\"><animateTransform attributeName=\"transform\" type=\"rotate\" from=\"0 18 18\" to=\"360 18 18\" dur=\"1s\" repeatCount=\"indefinite\"\/><\/path><\/g><\/g><\/svg><\/div><div class=\"lb-recaptcha-branding\"><p>This site is protected by reCAPTCHA and the Google <a href=\"https:\/\/policies.google.com\/privacy\" target=\"_blank\">Privacy Policy<\/a> and <a href=\"https:\/\/policies.google.com\/terms\" target=\"_blank\">Terms of Service<\/a> apply.<\/p><\/div><\/form><\/div><div class=\"lb-success\"><div class=\"success-icon\"><svg width=\"65\" height=\"51\" viewBox=\"0 0 65 51\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M4 25.3396L21.7662 43L61 4\" stroke=\"#1AD14C\" stroke-width=\"10\"\/><\/svg><\/div><h2>Thank You!<\/h2><p>Your message has been sent. 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