The days of having good old, hard-earned cash in your wallet seem to have all but come and gone. There is still some tangible novelty that comes with actually having dollar bills in your possession, but it won’t be too long before all financial transactions are ambiguously processed, and completed with seamless efficiency.
With the explosion of online retail and maturation of the ‘Millennial generation,’ business has certainly entered a new era—leaving much of the baby boomer population clenching their fists and shaking their heads in frustration.
Cold-hard cash has quickly been overrun by digital transactions, which has brought an entirely new meaning to the term: business productivity. Today, businesses have the capability to provide their customers with seemingly endless access regarding how a product is purchased. Integrated iPad POS and mobile payment processing applications have entirely transformed modern-day consumer convenience, forever revolutionizing the economical landscape of the retail world.
But is it possible that we’re only in the mere developing stages of digital transactions?
Several experts in digital transaction payments predict that the merging of online shopping and in-store purchasing will eventually lead to an entirely new trend in payment that doesn’t involve cash or credit; instead, a completely new conjunction that involves Bit coin, PayPal, social media payments, and/or something new all together.
At this time of the article, you’re probably thinking one of two things: either this is a disturbing new trend of the New World Orderdevious plans, or this is a bracingly exciting time in our modern economy. Whatever it is you inevitably choose to believe, the one thing you must consider is that changes are coming, and coming sooner than what you probably imagine. But before we get too far ahead of ourselves, let’s take it down a notch and evaluate what we can anticipate will happen in the upcoming year(s) or so.
Online Lenders
The traditional paperwork that comes with receiving a bank loan for a small business’s credit approval is becoming less and less conventional. Nowadays, more (smaller) companies are poised to working with online lenders, which offer anew structure of how business loans are conducted. Online lenders are able to easily swoon their way into a business’s electronic account (e.g., PayPal or Quickbooks) and verify theirincome status with absolute efficiency.
Incentives Offered to Point of Sales (POS) Systems
With the recent explosion in popularity of Point of sale systems such as Yelp, Open Table, Foursquare, TouchSuite, Bindo, etc., customer and retailers alike are poised to reap in the benefits. In the coming years, these sites are likely to promote virtual badges and online achievements that offer incentives for discounts and promotional opportunities. For example, retailers can unlock gamification achievements like, “Congratulations, your team has just surpassed your annual sales profit!” And on the other hand, customers can also receive and/or unlock personal-oriented achievements such as, “You are now the 3000th customer to book a reservation, here is your prize…”
The Bridge Between Smartphones and a Person’s Wallet Will Amalgamate
Mobile payment options have already given customers a plethora of opportunities to remain efficient as a shopper. But as popularity growth continues to expand within this purchasing trend, you can expect things only to become more and more accessible. Soon, each customer will have access to pay for a product or service with a simple tap of their mobile device, easilyusing their smartphone as digital currency. Smartphones will become smarter in terms of finding their users with better deals, offering comprehensive comparisons, seamless testimonials (third-party) consultation and evaluating/analyzing your purchasing habits—customizing your spending, and assisting you as to where to find the goods that best appease your interest.
Bitcoin will continue its ever-evolving growth and accessibility, especially benefiting small to mid-seized businesses. With its simplistic infrastructure and low payment austerity, companies and customers alike will be able to use their smartphones and tablets with ease. Bitcoin payments are also much quicker than previous transaction payments, which can only lead to a higher incentive for vendors to utilize its advantages. Australia and European nations are at the forefront of this growing trend, which poises the ever-engrossing question, “When will the United States become fullyBitcoin-friendly?”