Friday, February 5, 2021

What The Future Of Payment Should Look Like

Welcome to the future. The year is 2035 and it’s now safe to venture back into shops and venues without worrying about the covid-19 pandemic. However, we can’t deny that it’s changed our approach to shopping. Nobody carries cash anymore. Most people freely admit that they find cash unhygienic. You don’t know where it’s been, they say. Besides, it’s old-fashioned to pay cash. Most of us have a favorite payment gadget in our pocket. So which gadget are you going to use in the future?


No more cash for small businesses

You pay with plastic. You are pleased to see that in a post-pandemic world, businesses of all sizes take credit cards. Convenient credit card processing options for small businesses make it easy to get rid of the “unhygienic and old-fashioned” coins and banknotes in our wallet. Paying by card contributes to sales revenue growth, as most customers are likely to carry a card in their wallet. 

Making Paypal a universal payment method

Ultimately, Paypal isn’t a novelty in its own right. Most people are familiar with PayPal transactions and vouchers in an online business environment. You can already pay for your online order using PayPal. But it would be advantageous for stores and small boutiques to implement Paypal-friendly payment processes. This would allow customers who are running an errand without a wallet to pay in real-time. A simple touchscreen system could let them enter their Paypal username and complete the transaction on-site. 

Mobile payments everywhere

More and more smartphone users are using digital wallet tools on their devices. The world would be a better place if, in 2035, all you needed to pay for your groceries were a smartphone. Paying with a phone is safe and convenient, and it also streamlines banking solutions. Why should you keep a card in your wallet, let alone a wallet, if you can do everything you need with your mobile? Moving forward, we can also expect smartphone payments to link to bank accounts rather than card details. Mobile solutions will require enhanced cybersecurity strategies to work. Who wouldn’t want to live in a world where your phone is the only gadget you need? 

Cryptocurrency is the new currency

Cryptocurrency remains a buzz word for investors. But in 2035, cryptocurrency is fully integrated into our day-to-day lifestyle. Younger generations are so used to it that they never pay in their local currency. International trading organizations are already discussing the possibility of canceling all currencies to replace them with global solutions that don’t require conversion works, such as Bitcoin or any other crypto solution. This would also replace the typical leather wallet with a digital one. 

Augmented Reality payment

AR and VR technology is a part of our household budgeting tools. Indeed, customers who still use credit cards are using AR solutions to bring the interaction to the next level. They can visualize their expenses and earnings, which puts them in a better position when they enter a shop. Sure that pair of shoes does look fancy, but your AR credit card is saying otherwise. 

Are you ready for the future of shopping? While some of these solutions seem directly pulled out of a sci-fi book, you’d be surprised to know that we already have the technology to turn every single one of these modern payment methods into reality. 

18 comments:

  1. Yeah agree. I actually love paying in a digital way. It's more convenient for me.

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  2. So cool, it's amazing all the things we can do these days!

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  3. This is all true, as pandemic goes on and on we are all need to choose a safety transactions everywhere and a cashless transaction is one of great help. Me, I am paying my bills online and using phone payment app for my groceries.

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  4. Ya digital payment is now promoted almost in many places. I am actually convenient with that method. Not sure about crypto currency though.

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  5. It's so strange yet cool to see all these changes. I need to learn more about cryptocurrency!

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  6. The government here has been promoting mobile payment, even had a cashback incentive last year. But the problem, is that a lot of cashless system popped up with flawed security. I think cashless payment is great but needs more security.

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  7. With everything going on right now this is definitely going to be the future!

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  8. Not a fan of this. While I primarily pay digitally i would prefer cash still be a thing.

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  9. I hope they don't do away with cash. How would we give to the homeless on the street for example?

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  10. I can see this happening but I still hope cash can be used at places too.

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  11. I think that this is becoming safer and safer. I pay very few bills with checks any longer.

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  12. Digital payment is convenient but I still worry about security.

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  13. Give me cash and I'll pay with cash...old dog...

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  14. It is kind of scary, but I thin you are right. I see some businesses will not take cash anymore.

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  15. I like using Paypal. I like the idea of paying with my phone instead of cards.

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  16. A very interesting post. I do pay a lot with my debit card but I also like to use cash at some places.

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  17. I hope there is always cash! I always have a credit card on me, but I hate using it in little, lesser-known businesses where I feel like there is a higher risk of fraud. Plus cashless businesses are unfair for those who don't have a credit or debit card.

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  18. Thanks for this interesting and informative post.

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