Cryptocurrency becomes easier, no more cash, and payment data improves businesses
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My first prediction in this new year is that cryptocurrency will be easier for the everyday person to use. Fintech companies and startups like Coinsquare will drive easier access to digital wallets and cryptocurrency investment platforms through mobile apps. More Canadians will be comfortable using the digital currency. And while we may not necessarily use it to make regular purchases, more people will use cryptocurrency for investment purposes, this past year alone 58 per cent of Canadians who owned Bitcoin used it for investing and that number is set to grow. Thanks to digital wallets and investment platforms, 2019 will bring easier access to Bitcoin, Ethereum, Dogecoin or whatever your crypto of choice might be.
My second prediction is that cash will be worthless. Okay, definitely not worthless, don’t go throwing out your $20 bills just yet. But I do predict that more stores are going to forgo cash completely in favour of contactless payments. There has been an increasing number of stores, including small food retailers in major cities like Toronto that advertise being ‘cashless’. I think in 2019 this number will grow and payments will become even faster as more people use contactless methods, whether that’s tapping your card, or using mobile wallets like Google or Apple Pay. I don’t know if this will have much of an effect on our daily lives, as, I don’t know about you, but I very rarely carry cash on me anyway. Almost all of my transactions are cashless already.
Finally, data is king. Accessing payment data will be easier than ever thanks to Canada modernizing its B2B payment infrastructure with the real-time rail system, and other platforms like Moneris’ newly launched tool that uses its payment data to measure digital marketing ROI. With real-time rail, Canadian banks, for example, will see changes in their ability to send and receive payment data. This type of data can be shared with business clients to help them better understand consumer or customer habits. In Fintech, payment and consumer data will help businesses better understand how people interact with their brand and improve a brands ability to build strategies from the ever important, customer-first mindset.