Digital currency becoming more popular; ND businesses adapt
BISMARCK, N.D. (KFYR) – Americans are using forms of digital currency now more than ever. North Dakota has also followed this national trend of using digital currency over cash. For instance, some businesses have switched over to accepting Apple Pay and other forms of digital currency.
“Most people are using a credit card, there’s a Square here, and so it does have Apple Pay, you can use your watch or your phone, so it makes it really easy and I would say probably 65-70% of the customers we have do use that Apple Pay,” Owner of Brick Oven Bakery Sandy Jacobson said.
A study done by third-party trust says many Americans like the accessibility of using a card over cash. One customer at Brick Oven Bakery shares the same opinion.
“Because it’s easier. I usually have my card on me instead of carrying cash. My job just makes the automatic deposit in my bank account, so it’s just a lot easier to use a card rather than go deposit some cash,” Sydney Helgeson said.
Some stores only accepted cashless payments during the COVID-19 pandemic, pushing the use of digital currency methods.
“It was on the rise long before the pandemic. The apps are simply more convenient. The pandemic may have speeded up the process a bit. It was definitely long on the trajectory before the Pandemic,” Assistant Commissioner at The Department of Financial Institutions, Corey Krebs, said.
The convenience and speed can be linked to why consumers prefer using digital payment methods rather than using cash.
“North Dakotans followed the national trends on this. I don’t know if we accept it anymore or less or anywhere else. The national trend is to see more people move to these products using their phones for transactions versus strictly using cash,” Krebs said.
With more Americans switching their spending and banking methods to online, many large retailers in the U.S. updated their payment methods to accept Apple Pay, including Target, Costco, and Walgreens. Small businesses like Brick Oven Bakery also take digital options like Apple Pay.
Apple Pay debuted in 2014, and today 507 million consumers use Apple Pay.
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