Emerging digital markets and spending technologies serve as one of the biggest shake-ups of how
and where we’ll be managing our money in the future.
New technologies, simply put, are liberating our spending habits. The utilisation of technology in
relation to online money management can only be good for both the consumer and seller, and
provide a viable way for both parties to avoid financial setbacks or snags, such as being penalized for
the ways in which they spend, manage, or access their own money.
Crypto-currency
Bitcoin has already notably been used to buy pizza and houses, but in what context can we analyse
and compare its very real world market potential? Part of the appeal of Bitcoin is that operates
outside any ingrained financial institution or government, giving it a reputation as a currency of the
people. So far, many well established businesses including Dell, Zynga, and Virgin accept Bitcoin as a
form of payment.
Before being shut down by the FBI in 2013, Silk Road had completed a grand total of 1,229,465
transactions, generating a total of 9,519,664 Bitcoin or $1.2 Billion in revenue. Statistics like this
show that consumers could potentially be ready to take a risk with Bitcoin, as spending has already
been very high, showing confidence in Bitcoin as a currency.
Smartphone & NFC Technology Big players in the consumer tech industry, such as Apple and Google, are already pushing for digital payments, facilitated by their hardware, to come into effect as part of people’s everyday spending routines. Both Apple and Google phones already utilize NFC technology for payments, as do many other models.
The release of the iPhone 5 saw the incorporation of security enforced by biometrics. It is thought
that Apple’s fingerprint technology could form the basis for payments authorised in a similar
manner. MasterCard have already begun developing technology that could authorise payments
through fingerprint or voice recognition software, and even has plans for authentication via cardiac
rhythm.
Flexible Prepaid Spending Cards
Prepaid cards are flexible, and provide viable solutions to the many problems that come with debit
or credit cards. They are very well suited for online spending, with intuitive and secure options for
managing an online money transfer. Overdraft and interest fees can also be safely put out of your
mind, allowing you to focus instead on personal and sensible management of your spending.
A prepaid card is also the best way to prepare for an overseas trip; where-as most banks charge you
for using your card abroad (roughly 3 to 5%) a prepaid card grants you instantaneous, interest free
access to your money worldwide; just load on the amount you need and you’re good to spend.
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