Will cash payment even play a role in the world of tomorrow? With the rise of the robot (no actual rise of any robots, as of yet, just machines that work like them), many institutions and ways of life from both history that is long gone and the not so distant past have become obsolete, and is physical cash going the same way?
There are a whole host of things that have been killed by technology. Even technology itself is constantly becoming outdated with the rise of new ones: printing out photographs, for instance, has become a thing of the past in modern times due to people choosing rather to store images on their devices or upload them to websites, most notably social media platforms. And it’s not just the printing of photographs that could be on downward trajectory in the future because of advances in technology: in the future the printing of money could be too. At the moment, cash is still printed by the boat load: even bigger than a boat load, in fact. Facts about U.S. money state that the Bureau of Engraving and Printing produces 38 million notes a day with a face value of approximately $541 million; so for now, at least, any of you that are yet to accept technology driven payment, such as the debit card, into your life can breathe easy.
But it soon might be time to open your arms to it. The pace of change in the UK payment market, for example, shows that over the past five years the debit card has become the generally preferred method of payment. And it is not only the method of payment that is used most frequently, but also the one that holds the most value in terms of total amount. So if it were to continue on this trajectory, does cash really stand a chance? With the general concusses seemingly being to use debit or credit cards, such as: Visa, MasterCard and American Express, in order to pay for things, will there soon be any need for the tills of business around the world to be full of coins and notes?
And if businesses begin to just deal with a merchant account, a type of bank account that allows businesses to accept payments in multiple ways (typically debit or credit cards), and deal not so much with the Bureau, then that will mean customers have no need to bring their notes or spare shrapnel with them. Hotel bars, for example, as well as using payment services such as the debit card, offer prospective customers the chance to put any drinks they order ‘on to their room’, meaning they pay for all expenses in one foul swoop of whatever card it is in their disposal upon their checkout.
Businesses around the globe should be using the best technology that is offered to them in order to remain, well, in business. It’s their probative to offer the best experience they can to their customers, and seemingly the best experience right now in regards to payment, is technology driven payment.