While it might be commonplace in the US and in the UK, in Europe, mobile banking and mobile payments are still considered more of an up-and-coming trend than an established norm; however, that’s quickly changing.
In the past few years alone, we’ve seen consumers across the continent using their smartphones to pay for everything from pizza to beer, and even withdrawing cash at ATMs with their smartphones and replacing debit cards entirely—even though some banks may charge a small fee.
What does going cashless mean?
Cash has been the most widespread method of payment for centuries, but it is quickly losing ground to cashless transactions. Going cashless means using a mobile device or card to pay for goods and services rather than using cash.
The rise of smartphones has made this transition possible, as they provide convenience, security, immediacy, and ease of use.
In fact, many countries in Europe are already on the brink of going completely cashless and moving to mobile banking!
What services are available today?
In some European countries, such as Sweden, mobile banking is more common than traditional banking. As of this year, there are 5 million people in Sweden who have downloaded the app to their phone, making it the most popular bank in the country. This may be due to the other services that Swedbank offers through its app such as mobile payments (Swish), savings accounts, credit cards and even insurance.
In Finland for example, many banks offer customers a mobile wallet through their apps which allows them to store digital versions of their debit or credit cards on their phones; when they’re out shopping they can just use their phone instead of carrying around all those different cards. While in the UK there are still a lot of people who will use ATM’s to withdraw cash and go to the banks to pay their bills.
What will the future bring?
The future of banking in Europe is a cashless society. Mobile payments are the way forward and there is an increasing number of apps that allow you to pay for things digitally. This shift is happening not only because it’s convenient, but also because it makes economic sense.
The technology required to make this happen has been steadily progressing for many years, but now we’re finally seeing a change in our culture as well; people are becoming more comfortable with the idea of paying for things without any physical money involved.
Are you ready to go cashless and open a bank account? Visit RHJ Law now to see where we can open bank accounts for you.
Finding a law specialist
If you need legal advice or assistance, be sure to contact the experts at RHJ Law. We’re able to guide you through what you need to know before moving abroad.
Our legal team at RHJ Law assists foreign nationals in moving to Malta, Portugal, the United Arab Emirates and also to the USA. Our English speaking team of lawyers, accountants and other experts, specialise in helping entrepreneurs and families to set up, manage and grow their life in another country.
Working with our trusted partners; we can advise you on where to settle and how to go about purchasing a property, obtaining a visa and more.
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