The internet transformed how people manage their finances. Online banking was a big leap, and the most recent shift has been in sending and receiving money from almost anywhere in the world instantaneously.
Uniqode compiled a list of ways the internet has altered how money changes hands. Though hard currency, in one form or another, has been around for more than 5,000 years—and bartering before that—most money today exists in electronic form. This was true even before the COVID-19 pandemic encouraged more people to find ways to send and receive money without leaving their homes. And those who did venture out often wanted to avoid handling cash—and the germs that might be on it.
By the end of 2020, nearly half of Americans had used a mobile wallet, which allows for contactless digital payment. In 2022, more than 4 in 5 American adults owned a smartphone and used it as a constant companion.
Electronic payment systems such as Venmo, Zelle, Apple Pay, Google Pay, cryptocurrency, e-wallets, and others continue to gain popularity.
By 2030, the number of dollars exchanged in cashless transactions will nearly double in the U.S. and Canada, and nearly triple worldwide, according to an analysis by financial services conglomerate PwC.
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