• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Brain Foggles

Home and Health Blog

  • Home
  • About
  • Food
  • Health & Fitness
  • House
  • Vacation
  • Finance
  • Games
  • Contact

What the Future Holds for Finance – Scott Tominaga

January 19, 2022 by admin Leave a Comment

FacebookTweetPinPrintLinkedIn

The world is changing rapidly, and the world of finance is no different. Experts like Scott Tominaga and others have some bold predictions for what the future holds for finance and how we handle our money. Here are some of those predictions:

The Rise of Mobile Wallets

With NFC (Near Field Communications) and other technologies like it, it is becoming easier and more convenient for consumers to pay with their phones. Mobile wallets will be a big hit in Japan; we can see this already with the rise of the Suica system in Japan’s major cities. The NFC mobile phone platform has been used as a transit payment system in Japan since 2004 and is now used for close to half of all transactions.

Mobile wallets are becoming more popular in the US as well. Google Wallet has recently partnered with MasterCard on a new mobile payment program, so it wouldn’t be surprising to see NFC-enabled phones being adopted by major carriers like Verizon, AT&T, T-Mobile, etc. The convenience of mobile payments will drive consumer demand for NFC-equipped devices.

Bringing Money into the Digital Age

Although mobile payment systems are convenient, there are some problems that have not been solved yet. For example, what happens when I lose my phone? Since the phone is tied to your bank account or credit card, you will still need to go through the process of recovering your account. This problem will not be solved unless you move money out of your physical wallet and into the “cloud.”

Cash is one of those products that has stayed almost the same throughout its history, but even cash is starting to change. If you’ve ever used Square, you know how easy it can be for a small business or individual to accept credit cards with an app on their phone. Increased mobile payments should lead to more mobile card readers like this one because they are simple to use and inexpensive.

Counterfeiting Currency

Another issue that arises from cash becoming digitalized is counterfeiting. Countries where counterfeiting occurs, would benefit greatly by transitioning towards a digital medium for currency transactions. Countries like Japan and the US have advanced significantly in this area. In fact, the US has recently upgraded its currency to prevent counterfeiting, but there is always more that can be done.

Widespread Job Losses

Many jobs will be lost as technology continues to advance across all industries. This trend may not happen right away, but advancements in robotics are leading to decreased demand for certain skill sets that were previously necessary for these jobs. For example, taxi drivers may not need to know how to drive manually because self-driving cars are much safer. Taxi companies could also benefit from mobile payment systems like Square if they want customers who prefer paying digitally. It’s unlikely that many taxi drivers would use a mobile wallet because it takes too long to load, but the demand for those willing to accept payment by credit card should increase as self-driving taxis hit the road.

Final Thoughts on the Future of Finance

Looking at all these changes, it’s hard to predict what finance will look like in a few years. We may still be paying with cash and cards, or maybe we’ll have a digital wallet on our phones that is used for 90% of all transactions. In any case, cash will most likely be a lot less popular as more and more people adopt the new technology.

 

FacebookTweetPinPrintLinkedIn

Filed Under: Finance

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

About Us

Hello! Hello! My name is Jack, and I am a health enthusiast. I used to live a life full of guilty pleasures and control was not in the list. It was a dark time for me to lose confidence and make bad decisions about my health.

LET’S CONNECT

  • Facebook
  • Instagram
  • Twitter

Newsletter

What Type Documents Are Needed for No Fault Divorces in Alabama?

May 16, 2022 By admin Leave a Comment

An uncontested, or straightforward, divorce is a … [Read More...] about What Type Documents Are Needed for No Fault Divorces in Alabama?

TIPS TO SAFELY BUY YOUR FAVORITE ORIFLAME PRODUCTS ONLINE

May 13, 2022 By admin Leave a Comment

  People go more and more frequently to … [Read More...] about TIPS TO SAFELY BUY YOUR FAVORITE ORIFLAME PRODUCTS ONLINE

The Benefits of Taking Biotin Supplements

May 12, 2022 By admin Leave a Comment

Sometimes referred to as vitamin B7 or H, biotin … [Read More...] about The Benefits of Taking Biotin Supplements

When You May Need To Hire A Charter Mini Bus

May 5, 2022 By admin Leave a Comment

There are many reasons as to why you may need to … [Read More...] about When You May Need To Hire A Charter Mini Bus

What You Need To Know For Investing In Crypto

May 5, 2022 By admin Leave a Comment

A few years ago, many may have not even heard the … [Read More...] about What You Need To Know For Investing In Crypto

Getting Powersports Battery Insurance For Your Vehicle

May 5, 2022 By admin Leave a Comment

For many owning their very own powersports … [Read More...] about Getting Powersports Battery Insurance For Your Vehicle

Where You Can Buy A Loft Ladder Kit

May 5, 2022 By admin Leave a Comment

When you are thinking about fitting ladders in to … [Read More...] about Where You Can Buy A Loft Ladder Kit

WordPress Accessibility Requirements Around the World – accessiBe WordPress

April 27, 2022 By admin Leave a Comment

Wordpress is the most popular content management … [Read More...] about WordPress Accessibility Requirements Around the World – accessiBe WordPress

Footer

About Us

Hello! Hello! My name is Jack, and I am a health enthusiast. I used to live a life full of guilty pleasures and control was not in the list. It was a dark time for me to lose confidence and make bad decisions about my health.

Recent Posts

  • Consider a Home Gym for Your Workouts
  • Ways To Avoid Unwanted Diseases For Your Pets
  • Why Mailrelay is the best free email marketing software?
  • Top stock CFD trading strategies in Singapore
  • 6 ways to make your home more carbon neutral (without breaking the bank)

Newsletter

Copyright © 2023 · Metro Pro on Genesis Framework · WordPress · Log in