Key milestones on the road to the No-Cash Era

News / December 3, 2018 / Comments: 0
03.12.2018 post

The end of an era is the beginning of a new one, they say. Well, that definitely makes sense when it comes to the world of finance. Indeed, much has changed since the 2008 global financial crisis. A decade later, we can say that we’ve got a new understanding of the money concept. Fascinating, isn’t it? What’s more, it’s possible that pretty soon we can forget about physical money. Let’s leave all the guesswork to the experts and consider the key milestones on the road to new No-Cash era:

Phones got smart: the heyday of mobile interactions.

These days, social networks such as Twitter and Facebook are seen as the most natural thing ever. And to think, 10 years ago those guys just started to rise to the top. At the same time, social media became that popular due to the smartphone boom.

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When they talk about smartphones, they sometimes miss an important piece of truth: smartphones are no longer phones. That’s right, your shiny “life companion” is a portable computer. Moreover, that computer creates space for various payment transformations gradually replacing old-school practices. Modern banks have developed lots of mobile apps to offer instant payment services to wider range of clients.

Apps turning your smartphone into a PoS

Another change was, new payment systems were added to mobile apps. The apps in turn were connected to digital payment platforms making it possible to process payments worldwide. It was a success, indeed! So, last year alone, Alipay and WeChat Pay platforms transacted $15 trillion via Chinese mobile wallets.3 According to specialists, in 2024, mobile apps will process over $55 trillion in payments. With the rise on blockchain technologies, mobile apps got more specific. So, Elegro Retail solution allows users to buy things for crypto coins without exchanging them elsewhere. No magic, only the cutting-edge technologies!

FinTech: a solution for far-sighted businesses

A decade ago, there were only a few companies trying to combine financial systems with IT solutions. Well, take a look at them now! FinTech businesses founded since 2000 are now valued at more than $1 billion.6

The idea of financial technology is to make financial services more user-friendly so average users could manage their cash-related activities.

Satoshi Nakamoto, Bitcoin and P2P Cash

Everyone heard about Satoshi Nakamoto, a mysterious genius released the same famous paper called Bitcoin: A Peer-to-Peer Electronic Cash System. The paper released in October 2008 presented the idea of Bitcoin “a purely peer-to-peer version of electronic cash […] to be sent directly from one party to another without going through a financial institution.”7

10 years later, Bitcoin (BTC) keeps the lights on. In fact, it remains one of the most controversial valuable assets. Some people think it is used for criminal activities. Others believe Bitcoin is the future. Hope, the P2P cash need some more time to achieve its full potential.

Welcome to the No-Cash Era!

In fact, mobile wallets, peer-to-peer money, digital payments are all focused upon getting rid of physical cash. To be more specific, they offer a sensible alternative to fiat money making payments easy, transparent, safe and global.10 Digital payments are easy to track which allows business owners and their customers to avoid many insecurities related to traditional financial services. No heavy fees, no overpayments, no fraud – it looks like the No-Cash era is full of promising prospects including a cashless society. Let’s see what turns up, shall we? Read full story

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