What is The Future of Money?
Sep 02, 2016
Since the start of online payment methods such as PayPal and Billmelater, banks starting to send out contactless cards and the introduction of the ever handy Apple pay in 2015; cash seems increasingly something of the past. And why would you really go to the hassle of withdrawing money when it’s as simple as tapping your watch onto a surface or a press of a button to pay for something?
In the UK, a survey carried out recently found that 41% of people preferred using credit instead of good old fashioned cash when buying something. So what do we think this will lead to in the future of an increasingly digital world we live in? Will it see the end of the coins and notes we have become so accustom to?
Well, here are a few of the possibilities we have come up with, some more likely than others granted…
Mobile/devices rule
Apple pay has made payments and transferring money a thing of ease in recent times. Many people believe that in the future, this is the way we will progress, using mobile devices and smart watches as our only source of money.
Online banking has also exploded, which too, can be accessed through apps on mobile devices.
A US research centre recently asked experts whether or not they thought that technology would eliminate the need for cash in the next 8 years, to which 65% said yes!
So if you’re yet to jump on the apple pay or contactless bandwagon, maybe it’s about time you signed up before cash is wiped out for good!
Bitcoins
Bitcoins are a very modern invention, and as complicated as they sound, what it boils down to is a digital currency. In 2015 the number of merchants accepting bitcoins for products and services surpassed the 100,000 mark.
Bitcoins can be used online to electronically buy things, like a traditional currency, but the biggest difference with them is that no single institution or person is in control of them, like a bank. This puts some people at ease and can explain the increase of people buying into them.
Bitcoins are easy to set up, fast and completely transparent – no personal details are needed – so, really what’s stopping them becoming the future of money!
DNA and Face Recognition Technology
Another way we could progress is by introducing face recognition and DNA technologies, it has already been utilised in airports so why not in money?
Imagine, you go to the tills, they scan your products and then all you need to do is place a finger onto a monitor and away you go. It would be guaranteed safe, as no one could fake your genetics – unless you had a twin, which could cause some issues.
In fact some retailers are already trialling this sort of technology, saying it will speed up the customer checkouts and cut identity fraud.
This type of technology pushes the idea of giving up some of your privacy for convenience, how far would you be willing to go for quick service?
Technology is Destroyed
At the other end of the spectrum - it could be possible that due to issues like fraud getting more and more frequent with transactions happening online and everything becoming reliant on technology - we just give up on it!
In 2014 it was found that 69% of fraud cases were using remote purchasing online, up 14% from ten years ago. If it continues to go up in this way- and with the introduction of new forms of payment it’s likely to- the impact could be huge.
After all, cash really is the safest option! But how likely is it that after the introduction of all these different methods, we’ll decide to drop them? Maybe we will, only time will tell!
We All Stop Worrying About Money
Or maybe we’ll just stop worrying about money all together and live in an idealistic society where everyone is happy without it…could happen right?
Here at The Creation Lab we provide quality websites and other digital marketing at affordable prices so you don't need to worry about money! Take a look at one of our many case studies. Or get in touch with one of the friendly team to discuss your options.
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