CONSIDERATIONS CONCERNING THE MAIN EXISTING PAYMENT METHODS IN THE BANKING SYSTEM

Abstract

The technological evolution in the monetary field has made the use of cash in the payments sector considerably decreasing. Digitalization of money has the potential to change the traditional structure of the financial system, as well as to redefine the role of central banks. This paper aims to present the main non-cash payment methods available worldwide, with an emphasis on internet and mobile banking. Comparing the increasing use of mobile payment applications, as more and more smartphone users prefer these applications to the detriment of cash payments, along with the evolution of ATM usage, one can see that there is a clear trend digitalization of banking services.

Keywords

• ATM
• POS
• payment system
• banking system