Technology advances for our comfort and any step forward related to managing our money is always welcome.
In addition, the global pandemic we are experiencing has accelerated the use of digital forms of payment, leading the European Central Bank (ECB) to propose the use of a future digital euro.
Increasing digitization during the pandemic
At the beginning of the coronavirus crisis, the use of contactless payment was recommended by the health authorities, thus avoiding the use of coins and bills. The almost complete closure of commercial establishments was a blow to monetary transactions in general, so that the use of point of sale terminals fell between 60% and 70% with the confinement, according to figures from Banco Santander and BBVA , while cash withdrawals from ATMs fell by 68% in March in Spain, according to a survey by bank N26, while other entities place this decrease between 50% and 60%.
Use of digital money among the young population
According to a study carried out by the financial platform Bnext, consumers between the ages of 18 and 24 are more in favor of buying at an unusual time: the midnight slot, from 00:00 to 1:00. In addition to being an age group in which the smartphone is essential, so these online purchases occur throughout the day. It should be noted that the option of sending and receiving digital money is also used more in this age group.
Cybersecurity for your money transactions
Cybersecurity is vital when it comes to digital payment, since cyberattacks can cause us problems if we do not acquire some habits:
- Enter secure web pages: pay only through a secure web page. These start with "https" and have a locked padlock symbol in the browser you use.
- Keep your data safe: never send your bank or credit card details by email, text message, social networks or unverified phone calls.
- Use common sense: If you see an online offer that seems too good to be true, do some research before taking the step of buying.
- Update your security protection: Make sure to update your security protection with an antivirus for whatever device you plan to buy with, be it a phone, laptop or tablet.