![\"Cash](\"https:\/\/www.goandgrow.eu\/blog\/wp-content\/uploads\/Cash-might-become-a-thing-of-the-past-1024x684.jpg\")
Credit cards and their limited numbers<\/h2>\n\n\n\n
In Japan, credit card companies are running out of credit card numbers. Due to an increased demand for online payment options during the pandemic, along with the government\u2019s point reward system<\/a> to stop the country\u2019s \u2018addiction to cash\u2019, Japan might have to add a 17th<\/sup> digit to their credit cards.<\/p>\n\n\n\n \u201cMost of Japan\u2019s 280 credit card companies issue cards with 16 digits so they can partner with international firms such as Visa and Mastercard<\/a>. Even if credit card firms agree that an additional digit is the best solution, they will have to decide whether to update almost 300 million 16-digit cards already in circulation or allow them to co-exist with new cards,\u201d the Guardian reports<\/a>.<\/p>\n\n\n\n With the increased demand for credit cards, and the real risk of running out of numbers, it\u2019s no surprise that the need for alternative payment options is on the rise too. With credit cards possibly having a finite growth potential, alternative payment companies, (enter invisible payments) might be the best solution to this problem.<\/p>\n\n\n\n Invisible payments are essentially any form of payment that doesn\u2019t require cash or cards. The most common example of invisible payments are for taxi service apps, such as Uber, or food delivery apps. Your payment details are stored safely on the app, and you never have to enter into a traditional form of a transaction. You simply open the app, use the service, and continue on as normal.<\/p>\n\n\n\n As Finextra<\/a> explains it: \u201cInvisible payments take physical payment methods such as cash, debit and credit cards, and wearables completely out of the equation \u2013 creating a convenient and speedy experience.\u201d<\/p>\n\n\n\n In essence, the act of paying for goods and services happens completely automatically. Some companies are far ahead, such as China\u2019s self-service BingoBox<\/a> store and the Amazon Go<\/a> app & store combo. These companies give us a glimpse of how invisible payments might change our lives in the years to come.<\/p>\n\n\n\n With the rise in card payments, increased usage of app and invisible payment options, it\u2019s only natural that cash transactions went in the opposite direction. But with this year\u2019s health crisis and governments\u2019 \u2018ban\u2019 on cash transactions to help limit contact between people, the end of cash<\/a> might rush in sooner than expected.<\/p>\n\n\n\n Many people also chose to avoid cash<\/a> out of their own accord and turned to card and contactless payment options. In many European countries the use of cash declined dramatically<\/a> during the first half of the year. In Ireland, the daily value of ATM cash withdrawals decreased by 40% during lockdown. Spain saw a 90% drop and in the UK there was a 62% drop in ATM transactions during lockdown.<\/p>\n\n\n\n So with the pioneering technology<\/a> that changes how we pay, and a cash transaction standstill, it could mean that the cash we thought would always be around, might make way for something entirely new.<\/p>\n\n\n\n Despite the news that the British economy is in its first recession since 2009, investors remain confident in their P2P investments and it\u2019s unlikely that another massive withdrawal wave will happen. At least, that seems to be the case in the UK<\/a>, according to analysts at 4th<\/sup> Way.<\/p>\n\n\n\n Earlier in August, the UK officially entered its deepest recession<\/a> in recorded history, as its GDP decreased by 20.4 %<\/a> between Q1 and Q2 of 2020. This coincides with the peak of the pandemic during which there was a \u2018max exodus<\/a>\u2019 of withdrawals across platforms.<\/p>\n\n\n\n However, based on the positive performance of the FTSE 100 (which is an indicator of investors\u2019 reaction on financial news) its increase indicated that investors are confident and not fearful. They will most likely be holding on to their investments this time, rather than withdrawing en masse.<\/p>\n\n\n\n![\"Credit](\"https:\/\/www.goandgrow.eu\/blog\/wp-content\/uploads\/Credit-cards-usage-and-online-shopping-spiked-during-the-pandemic-1024x682.jpg\")
Invisible payments are visibly changing our lives<\/h2>\n\n\n\n
![\"Invisible](\"https:\/\/www.goandgrow.eu\/blog\/wp-content\/uploads\/Amazon-GO.jpg\")
Cashless transactions only<\/h2>\n\n\n\n
![\"ATMs](\"https:\/\/www.goandgrow.eu\/blog\/wp-content\/uploads\/ATMs-could-soon-become-obsolete-1024x682.jpg\")
P2P investors remain confident despite recession<\/h2>\n\n\n\n
![\"Although](\"https:\/\/www.goandgrow.eu\/blog\/wp-content\/uploads\/Although-the-UK-are-in-a-recession-investors-still-have-faith-in-their-P2P-investments-1024x576.jpg\")