It’s hard to imagine life without a debit or a credit card. As a former “Charge It On My Card” aficionado, I used to think that plastic was the future! But with current trends in mobile payments, life without the convenience of Venmo or Apple Pay would border on apocalyptic for some Millennials. With mobile payments and digital wallets, ordering at a restaurant or paying back that IOU to your college roommate back in 2005 can be done with a few seconds of screen time. (In case you missed our P2P article, catch it here.) We all appreciate the convenience of not having to frantically sort through old takeout receipts in our back pocket or purse, searching for a checkbook, credit card, or torn up twenty dollar bill pulled from the ATM. By putting our purse strings at our fingertips, the smart phone has become even more indispensable—unless it’s drying out in a tub of rice.
Financial transactions, along with the social interactions involved in transferring funds or making payments, are rapidly evolving. The methods of receiving and securing these virtual exchanges are becoming more sophisticated and heavily encrypted. But, how did we get here? When will the evolution of transactions hit a plateau? When will telepathic banking ever come to fruition?
Click here to view an infographic of how transactions have evolved.