Money is an ingrained part of life and most of us don’t think about how it functions, apart from when it comes to counting down until the next pay day. A Wizzcash short term payday loan can help you when you’re struggling, but it’s important to stay ahead of the game and learn about the future of money.

Mobile Payments

We’ve already seen a rise in paperless transactions in past few years. The development of contactless payments has made it quick and easy to complete transactions without reaching for your wallet. Now mobile payments are taking over from credit and debit cards. Not only is there the option to pair your card with your phone via apps such as Apple Pay, there are now specific mobile apps for transferring money between your friends. This is only going to increase in the future and we may even see a completely paperless society.

Online Currency 

Cryptocurrency is increasing in popularity and being used more widely. Bitcoin is an example of digital currency. It has a much higher value than regular currency and can only be spent online. It is not controlled by a central bank but created by a community of people. In some respects, it is anonymous although all transactions are visible and associated to an address. In the future, it is possible that online currency like Bitcoin could completely replace money.

Purchase Tracking

One of the benefits of cash is that it is not traceable. As we switch to making frequent online purchase, data about our consumption goods can be tracked. Businesses use purchase information, such as whether the customer is a regular or what type of product they are buying, for marketing and sales research. While this means businesses can adapt their strategies based on their enhanced understanding of their customers spending habits, it might pose a privacy concern for customers. This is all part of the changing future for businesses, influenced by the ways we spend money.

Cybercrime 

Cybercrime is something that many people fear. There are many threats posing a risk to people who currently use the internet or shop online. In the future, cybercrime could become more prevalent and have a wider impact. If more and more transactions are completed online, we become more vulnerable to hackers.  There are some widespread concerns about whether computer hacking has the ability to completely shut down cities if we ever get to a stage where all transactions are made paperless. Plus, if there are huge IT breakdowns, it is uncertain how much security can be provided or how a society without physical cash would function.

At present, physical money is not going anywhere. While we may be seeing an increase in quick and easy transfers online and via mobile apps, it would take a long time to completely phase out cash. It is impossible to predict whether the future holds a complete move to digital currency but that does seem to be the way we are progressing.