Have you recently started accepting and issuing payments with a payment app like Venmo?
If you have, you have gotten a glimpse of how currencies will move from one person to another in the years ahead. And if you haven’t yet used Venmo or a similar way of paying, don’t worry. You will soon.
In the coming few years, more people will be paying with platforms like Venmo, with phone-based payment options, with debit cards and with a variety of other non-cash services.
I also predict that more companies will be paying their employees by depositing their wages directly into their Venmo and other accounts. It is truly a new world out there, and many things are changing.
We can expect this trend to have the earliest impact in urban areas, and then to spread. That is often how the latest developments happen in society and business. Blockchain technologies will be a major driver of the cashless revolution too, promising faster and more secure transactions that will encourage more buyers to buy online.
The message for your business is to rethink how you will process transactions in the future. As you are able, begin now to accept phone-based and other non-cash payment options. As you use them and learn from them, you will become more able to adapt to future changes in payment options.