Digital money has taken hold in the financial world, but it’s not a new phenomenon.
Banks were using digital money when the digital revolution was still a nascent phenomenon.
A few years ago, the government issued a new law that made it easier for banks to accept digital payments, though it left some regulatory and enforcement issues to be resolved.
As digital money becomes more widely available, it’s become even more prevalent.
Digital wallets can be found at gas stations, online pharmacies, online grocery stores, and more.
This chart details the number of digital wallets each bank offers and their total market value, as of June 30, 2018.
Digital currency is still very limited and is still not widely used, according to data from financial services research firm Bank of America Merrill Lynch.
Some financial institutions, like Wells Fargo and Bank of New York Mellon, offer digital wallets and other services, but many others do not.
The U.S. Bureau of Labor Statistics reported in December that bitcoin usage had fallen from more than 15% in 2017 to less than 3% in 2018.
Banks may not be doing much to combat the trend, however.
A September report from financial advisory firm KPMG said that digital wallets could be worth about $300 billion by 2035.
Digital money could also make banks more efficient.
Banks can accept a larger volume of payments from their customers, but those customers also have less margin for error.
Digital transactions are more secure, faster, and cheaper, according a 2018 study from the National Bureau of Economic Research.
The study also found that digital currency can be more secure than traditional currencies because it’s stored on computers, not on servers.
Bank of England governor Mark Carney said at the time that banks were “not doing enough to mitigate the risks posed by digital money.”
Banks are also still struggling to comply with federal regulations and to comply and protect consumers’ digital rights.
The Federal Trade Commission has been trying to crack down on the use of digital currency.
In 2017, it issued a report that warned that digital currencies could be used as a tool for money laundering, including for cybercrime.
According to a report from the Consumer Federation of America, the commission is considering a number of additional regulatory actions to curb digital currency and prevent it from becoming a way to launder money.