The Concept of a Cashless Wales and the Influence of the Trailblazing iGaming Industry
Over the course of the last few years, the rise of digitalisation has seen more extensive numbers of industries turn to cashless payments types. According to new data, one in ten people have switched to contactless alternatives with, more specifically, just one in six young people now financing their purchases with coins and notes.
As a result, we’re going to consider which industries are already leading the contactless revolution, while also looking at the ever-growing acceptance of a cashless future in Wales.
The Innovative Online Casino Industry
Although the surge in people using cashless payment methods is only likely to continue growing in the coming years, several industries have already gone cashless and, because of that, are thriving in contemporary society. Following a succession of significant innovations, the online casino industry has continued to expand in an effort to make more payment options available to their users.
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At Paddy Power, an online casino from UK which offers prospective players a wide array of gaming options including online adaptations of traditional table games like blackjack and poker, there are numerous cashless payment methods available to users. In addition to traditional debit and credit cards, users can also utilise PaySafeCard, which allows for secure payments to be made without the use of a linked bank account or card information.
Along with the above payment types, Paddy Power also accepts bank transfers, Neteller, Skrill and Moneybookers along with Cash Card and Cash Card Plus, which enables players to withdraw money from cashpoints as the card is directly linked to their Paddy Power balance.
Is the Idea of a Cashless Wales Slowly Becoming Reality?
Not only has the iGaming industry explored the concept of adopting a fully cashless approach, but it is also leading the way for future innovation regarding accepted forms of payment with further methods continually being accepted.
“Betaalpas en logo contactloos betalen” by ING Nederland (CC BY-SA 2.0)
In Wales, 50 local businesses were equipped with cashless transactions devices in 2018 with research highlighting that 55 percent of people were more likely to make a purchase if shops accepted digital payments. Even though the reality of a cashless Wales is not yet upon us, and despite the fact that cash-funded transactions still possess many benefits including a lower risk of overspending, digital payment methods are beginning to spread throughout the country.
In the last year, car parks in both Haverfordwest and Pembrokeshire have installed several cashless payment machines, and although that signifies an effort to modernise infrastructure, payments are currently limited to just debit cards.
The Possibilities for Maintained Future Growth
As demonstrated, while specific sectors within Wales have moved towards a cashless future, there is still a long way to go before traditional payments methods are out of fashion. Despite online businesses from retail to iGaming showing the way forward by creating a diverse cashless model, it will take more time for Welsh industries to fully adopt and implement the same level of digital payment variety.
In turn, this means that while there is room for continued developments, coins and notes are still likely to play a significant role in transactions throughout the coming years in Wales.