PARALLEL PAYMENT PLATFORMS WILL GROW
“The credit card providers charge huge amounts to the
suppliers or the traders and the traders have got enormous
business costs already. They will jump at the opportunity
to get rid of a 2% tax that they give to the credit card
companies.”
Ian Pearson, Futurologist
NEW LANDSCAPE
New technology is enabling new ways to pay. Mobile
wallets, branded apps, biometrics, social payments,
and pay-by-text services are all becoming increasingly
widespread. And then there’s the growth of digital or
alternative currencies, such as Bitcoin and Dogecoin
which are gaining traction as increasing numbers
of independent merchants are accepting them as
payment tools and apps that make their management
easier and more accessible are created. In addition,
in an increasingly globalised world, many consumers
are using payment platforms that make transfers and
payments between borders easier.
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PR E S E N T A N D P O T E NTIA L F UTURE S IN F IN A N CIA L SE RVICES
The financial crisis has had an impact on consumers’
attitudes to money, with more awareness and deeper
understanding of its unreal and changeable nature.
The role Governments and banks have as custodians
of currency and its relationship to the wider economy
has been devalued since the recession. The influence
and trust that people have in their peer networks also
plays its part here – as new currencies and platforms
are built and thrive on a community of connected
people committing to their value.