It’s fair to say that we live in a fast-food world. Our lives continually on the go and the need to have something dealt with there and then is almost a necessity.
From eating to paying we do things a lot quicker, and for the latter it’s becoming more important than ever before.
It’s estimated that Visa perform over 2,000 transactions every second and for every person making that, they expect the payment to be processed and appear on their bank statements within seconds.
The way we pay has of course drastically changed too. We now regularly pay with our smartphones linked to our bank accounts, while cryptocurrency is also coming into play.
Some of the best online banks are now offering services to customers which allows them to receive notifications following every transaction, adding an extra layer of money management.
It’s all becoming about speed and efficiency, which not only saves time but also builds reputation as a business.
Cryptocurrency transactions currently take on much less transactions per second in comparison to the likes of Visa and Mastercard, but of course they’re growing markets. Bitcoin can handle around seven transactions per second, with Ethereum able to take on 25.
But ultimately, the more that can be done by a business, the better it is for the customer.
Amazon for example, process thousands upon thousands of transactions every single minute, with most low value marketplaces, such as AirBnB and Facebook also, able to process a payment and then pass that on to their partners (ie sellers) in a matter of minutes.
This makes the entire process more efficient, meaning costs of processing are kept to a minimum and in turn costs are kept down to consumers.
It’s a similar story with Etsy, where independent crafts people and traders can process transactions quickly and effectively benefitting both business and customer.
Of course, the future is only going to improve that too. As humans we are built to creating the easiest possible method to do things. When it comes to payment currently, it doesn’t come much easier than contactless. However, there will be a time when we aren’t necessarily required to do anything.
Trials are already in place with cars which will see payment to parking lots made easier and in car entertainment hooked up on a pay as you play basis.
That’ll come down to making them smarter and more connected. If our car has our bank details stored within it, we will eventually be able to just drive into a parking space and payment will be automatically taken as you pass through the barrier.
This could ultimately play out the same in shops, with our cards or devices not even being needed to be taken from our pockets. Although rigorous testing would need to be done.
We’re so heavily reliant on digital payments today and you get the feeling with the technology we have, and continue to get, we’re only at the very beginning. 2019 will likely be another landmark year, with the way we pay becoming more and more efficient for business and consumer alike.