The coronavirus outbreak became a catalyst for the popularity of cash-free payments in many countries.

More than a decade since the world’s most recognized cryptocurrency – Bitcoin – was introduced, we are witnessing an unprecedented growth in the market today. With over 6,000 cryptocurrencies in existence, the combined value has breached the $2T mark.[1]

There are telltale signs that mainstream acceptance is closer than we think as cryptocurrency finds its way to public consciousness. Business tycoons, Hollywood celebrities, big-name athletes and influencers have now chosen to accept it as part of their wages or include it in their financial portfolios. Some Fortune 100 companies have begun embracing blockchain. And payment giants can no longer ignore the demand for crypto payment as a method.

No doubt, cryptocurrencies are bound to change the way we live. This is no more evident than in how we do our day-to-day financial transactions. As we live in a fast-evolving digital world, blockchain technology is changing the landscape of the traditional financial system. And crypto is likely to play an important role as we move closer to becoming a cashless society.

The pandemic effect

Alongside the growing interest in cryptocurrency and blockchain, the coronavirus outbreak became a catalyst for the popularity of cash-free payments in many countries. And for good reason. Several studies have long proven that cash is a public health risk. As bank notes and coins are commonly passed around, disease-causing germs and virus can easily be transmitted form one person to another.

That’s why long before the advent of covid-19, many have been advocating contactless cash-free transactions. And in light of the global campaign to end the pandemic, many heeded the call and started to minimize the use of cash. Hence, the inevitable rise of cash-free payments.

In 2020, a study from UK Finance shows a 35% drop in cash transactions. About 83% of their consumers now use contactless payments. Some countries in the European Union are urging their citizens to reconsider their attitudes toward cash, as necessary protective measures to end the pandemic have been put in place. According to the German Credit Agency, more than half of the payments currently made in Germany are contactless, compared with 35% before the pandemic.[3] By 2023, Sweden is poised to become the first truly cashless society.[4]

This mainstream adoption of cashless payments has also paved the way for the unprecedented increase in the use of digital wallets. When Google released the world’s first major mobile wallet in 2011, it took quite some time before consumers warmed up to its potential. But by 2020, mobile payments have grown faster than any other payment method. Today, as more innovations like QR codes and 5G have been introduced, e-wallets have not only revolutionized the way we pay for goods and services. They have also made transferring of funds much more accessible and convenient.

But as we deal with the persistent issue about data privacy, the question remains: does the e-wallet really give consumers a great sense of security? This is one contention that can potentially give crypto payments a stronger foothold in a cashless future.

The emergence of DEX

As cryptocurrencies continue to reach global prominence, we have seen the emergence of exchange platforms that make cryptos more accessible for mainstream consumers.  With the number of users worldwide reaching more than 220 million,[5] we are also witnessing a massive growth on decentralized exchanges.

Crypto applications are built on decentralized blockchains, where transactions are performed on a peer-to-peer basis. As there are usually no traditional intermediaries such as banks or brokers, users don’t need to provide their information, and in many cases, there are no registration requirements for using the exchange. Aside from this, transactions via DEX result in significant savings in remittance costs (traditional cross-border service fees can go as high as 7% of the full amount, considering the charges by intermediaries).

These are just a few of the potential benefits that attracts the Internet generation to the use of DEX platforms.

Crypto in everyday living

We now live in a world where cashless payments are widely accepted and cryptocurrencies are gaining momentum. But volatility is possibly one of the reasons that prevent mainstream adoption. While many enthusiasts are drawn to the potential income from crypto investments, many advocates believe in the possibility’s cryptocurrencies offer in the digital future.

Crypto may not replace cash in the current financial landscape. But being a usable currency, it is bound to create its own ecosystem fit for a new generation of digitally savvy consumers. Our own Ducatus Coin (DUC) was created mainly for this purpose, following the path started by Bitcoin. The Ducatus vision doesn’t end in the introduction of a coin or a token. It is constantly evolving and with every step we take, our aim is to enhance usability. Our affiliate businesses like Ducatus Café accept DUC as a form of payment. We also actively recruit merchants who are open to accepting DUC and opening their doors to a new kind of consumer – the crypto spender.

Our Ducatus wallet does not only store digital money, it allows the user to swap between currencies, purchase coins and even stake these coins to earn more coins, depending on their chosen duration. As an advocate of a true cashless economy, Ducatus advances digital payments and allows users to benefit from the use of digital money in their everyday lives.

For some visionaries, usability is the driving force behind the movement that promotes the value of cryptocurrencies in a truly cashless economy – an economy that is open, unique and offers boundless opportunities. It is not coming soon, it is here now. The question is: Are you ready for it?