News, Technology | February 15, 2013

Is New Technology the End of Money as we Know it?

 Many are predicting the end of money as we know it in the near future. With the Eurozone counties working to restrict cash payments, Canada discontinuing the penny, and several online payment start-up companies popping up, are we going to become a cashless world soon?

Predictions about future technology and changes in society rarely come true. Remember our promise of flying cars by the year 2000? 

There are small changes taking place right now that are removing cash from our everyday lives. Each year we see an increase in mobile and digital tools globally allowing people to access electronic accounts to make transactions.

Mobile financial services are increasingly utilized by businesses both small and large as well as for personal use. Anyone can download an iPhone app for Starbucks to pay for your daily coffee. Many small businesses are using their phone to access mobile payroll applications.

It is hard to say if we will ever be a society without cash or not. We can be sure that technology is moving us in that direction. For small business owners it is important to stay on top of these new services so you can take advantage of the ones that can make your life easier and please customers.

Think about the last time you walked inside the gas station to pay inside rather than pay at the pump. You can’t, can you?

When they don’t work don’t we usually just go to the next pump or even to an other station.  Your customers may do the same thing if you aren’t using modern payment technologies.