The future of exchanging value
How are digital payments and trust are (re)shaping the economy?
An occasional series from Deloitte Australia Centre for the Edge that looks into how technology is changing how we think about and use money.
Cryptocurrencies and the trust economy
New payment solutions, technologies and currencies—including cryptocurrencies and blockchain—are driving a transformation in the point of sale, and while we still commonly pay in cash, the way consumers exchange value for goods and services is clearly shifting.
Technology alone, however, cannot determine the speed and means by which this transformation occurs. Social factors play a powerful role in the adoption of change – technology changes society, but society also changes technology. While this game-changing technology stands to go far beyond a payment mechanism, its potential hinges on an extremely important element – trust. Money, after all, is a technology for two parties to exchange value with they don’t trust one another.
The trust between two parties is one of the strongest factors shaping how money and its associated technologies are adopted. While blockchain technology claims to make even the question of trust obsolete, consumers must first believe this to be true.
Part two in the ongoing series, ‘Cryptocurrencies and the trust economy’ draws out the potential implications of both social and technological factors. It goes beyond prophesying to truly grasping the significant advantages and challenges each scenario may deliver.
Uncovering new ways of spending
The explosion of new technology and virtual currencies is changing where, when and how people and business exchange value.
The phenomenal uptake and usage of mobile devices – and the easy accessibility of mobile payments technology – means today’s consumers are more mobile in their transactions and have a wealth of options available regarding where, when and how they make purchasing decisions.
Uncovering new ways of spending, explores how the emergence of a new generation of payment solutions and business models is changing the payments landscape.
Organisations that look beyond traditional payments platforms and simplify the purchasing process by having the right payments solutions available at the right place and at the right time can gain a competitive advantage.
The report also demonstrates that while the future of payments is uncertain, the availability of internet connectivity and the mass adoption of mobile devices will impact the payments industry and incumbent payments providers.
The first report in an ongoing series.