The way to pay for goods and services has been changing since people started trading. If you try to look ahead into the future, we’ll see that the mode to exchange money for stuff will keep growing and evolving. Moreover, developing innovations are already a part of our daily lives.
The New Jersey Institute of Technology’s Online MBA program presents an interesting infographic describing the past, present and future way to pay, our security and expectations.
It appears that the most entertaining part of this research is the part of infographic which makes us look closer to the modern payment methods, and those ones which will be developing.
So, the authors pay attention to the fact that modern payment systems are tech-based. For instance, Apple Pay system which is gaining its popularity with millennials. Moreover, Coca Cola is going to create over 100,000 vending machines that accept Apple Pay. The numbers are astonishing!
Plus, the most discussed cryptocurrency got covered as well by the authors of the infographic. Well, it’s necessary to mention that the price of Bitcoin appeared to be unstable. So, at the start of 2014, Bitcoin’s value reached $770. In December, it dropped by more than 50%.
However, Bitcoin keeps being popular. Not so long ago, this cryptocurrency set a new 2015 high for its value breaking past the $320 level. In addition to that, Bitcoin manages to keep being popular with 111 ATMs in the US, 61 in Canada, 20 in Australia, 20 in the UK, and 13 in Finland.
As for the future, we may use voice recognition, biometric technology, and finger vein scanners which will provide authentication for payment methods.
As for regulations and cybersecurity, up to 48% of Americans are concerned and think that virtual currencies could expose them to cyber fraudsters, states the infographic. Still, it’s obvious that regulating virtual currencies such as Bitcoin is not easy because they cannot be traced.