While technology advances faster and faster, have you ever wondered what the future of money will be? I mean, just 50 years ago, there was really no other means of payment except for cold hard cash. If you didn’t have that green paper or some jingling change in your pocket, you were out of luck.
Since those days though, the credit card has emerged onto the scene. Not everyone accepted them at first, but today, a credit card is just a normal way of life. In fact, now there are businesses that utilize companies like BluePay to charge your card without even having to swipe it through the reader (small business credit card processing). The money just flows straight from your account into theirs within seconds. The operation is pretty slick, but I wonder if we’ll soon see the next wave of technology change everything once again. Will cash even be used anymore? Will our grandchildren even know the meaning of the word?
The Future of Money May Already Be Here
Did you know how much power you could already have in the palm of your hand? Yes, you can simply touch your credit card to a reader and process your transaction. That alone seems pretty schnazzy, but guess what others are already doing? Rather than hauling out their credit card from their wallet, they’re using their smartphones instead! That’s right. A simple wave of a smartphone and your transaction is complete.
So, if this is the technology of the present, what’s coming in the future? In my opinion, those card readers will soon be extinct. All you’ll need to do is have your cell phone on your person. The scanner where you’re checking out will detect it. Then you’ll simply view the charge and click, “Accept”. Transaction over. Pretty simple huh? Just make sure that you never lose your cell phone…. If you do, you’re definitely in trouble.
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.