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Future Tech: Technologies that could very well change the way we pay for items and exchange money

Regardless of whether or not you’re a bona-fide internet junkie who’s extremely pro technology, or happen to possess a more moderate (or even anti-tech) opinion on the matter, you have to admit, rapid change is everywhere you look.  As expected, many within the IT and tech sphere have been expecting new avenues to emerge in nearly every facet of daily life on Earth.  This is due to the fact that certain technologies are becoming available to increasingly larger numbers of mainstream consumers.  The point is, it’s very like that these new approaches and breakthroughs will be applied in ways that most people won’t be able to avoid.  Naturally, one of them pertains to money and how it might be transferred amongst institutions as well as individuals in the very near future.

For example, there are a number of interesting mobile payment systems which are available for use with devices like smartphones.  In essence you can both make payments as well as receive them, which basically turns your smartphone into a credit card / reader processing unit of sorts.  There are already a ton of large companies onboard with the technology including Google, so there are also plenty of options out there not to mention, competition.  Virtual wallets could very well rewrite all the rules again and even make conventional credit/debit card use a thing of the past.

Similarly, some organizations are working on RFID and near-field communications devices which will be able to effectively store both personal data as well as financial info which can be quickly queried.  Simply put, this would mean that you could (in theory) go out shopping and simply roll right out of the front door without even looking at a cashier as the various charges from each product are tallied and automatically deducted from your account upon leaving the premises.  Of course there are some roadblocks here as a lot of people are extremely uncomfortable about letting strangers inject sensitive electronic components under their skin.  The reason for this is simple, people don’t want to be manipulated or constantly tracked and having device implanted on you permanently means that removal would likely require a surgical procedure.

At any rate, it would seem that smartphone-enabled purchases are what’s on the immediate horizon and it’s also very likely that such apps will be better and more widely received than more invasive technologies.  One of the really cool things about virtual wallets for example is their ability to allow users to use NFC (near-field communication) receivers to exchange funds on the spot by moving the devices closer to one another.   For those who consider themselves to be “merchants on the move” it’s really a very useful technology to have at one’s disposal.   Similarly, if you tend to make a lot of purchases from local individuals not associated with a specific company, this marks an excellent way of digitally funding them in lieu of having to go extract cash from an ATM.

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