Wow the future of money is fascinating and somewhat disturbing. It is always a nice idea to think of making life as seamless and cool as possible, and it seems as though a data trail is inevitable. But do we want even more information out there for third parties who are using this information to make insane profits from our habits? This is just something to think about. For example if in the next five years, do we want yet another party such as Google, Square, Paypal, Levelup, or the company who has yet to emerge to know what we are purchasing? One could argue that Google probably already have a good idea. Google has already compiled and made a lucrative sum off of the data that we already share in exchange to use some of their awesome products. Is this just the price of admission or should we be leery of jumping on the next band wagon and enjoying these freemium products we have grown accustomed to? I always get this sense that we are trying to see how many functions we can jam into our smartphones. It will be interesting to see where technology peaks in relation with our smartphones.
I love having a smartphone that removes barriers from my life and makes it easy for me to function on a day to day basis, but sometimes when I am not marveling at that “great” new app, I have a fleeting thought run through my head, that says can this really be this awesome, could the implications of this technology misused be a really bad thing? Then I usually smartly forget that menacing thought so I don’t end up wearing the tin foil hat. I think that it is healthy to have a certain amount of skepticism when constantly being bombarded with the next life changing thing that we all have to have. How much better will holding up your phone as opposed to using your credit card be?
These are just some of my concerns, but that isn’t stopping the tech world from going full steam ahead, with the digital currency and payment methods of tomorrow. There are many companies that want to be the company that levels the playing field in using our smartphones as a wallet. Google wallet which is backed by the tech giant Google is probably a safe bet, although there are more such as a homegrown company in Boston called Level Up that is trying to integrate the web into its payment model. Then you have the Square that has made a lot of progress in incorporating your phone to your banking and exchange needs, however still has external hardware to maximize functionality. Jack Dorsey CEO of Square and cofounder of twitter coins the term “frictionless” the company that offers it all in a very usable format. The company that makes the entire experience frictionless and encompasses the 360 view of consumer’s needs will most likely be the victor. Then there is Bitcoin which still has many of us scratching their heads. So the is much out their to decipher and to anticipate as to which modes of currency and how we are likely to spend that currency. Here is a link to my digital marketing prof’s blog, the content is very useful if you want a little knowledge and background to some of the issues raised in this blog. And just remember “Cash is King”.