Technological changes and overall trends are often difficult to predict. What seems as the obvious future often fails to deliver, and new innovations take over! Look around and many of the technological tools that we take for granted, were never predicted…The Fintech world continues to present new ideas, solutions and business models.
The future of Fintech, money and payments is linked to the evolution of the society. In next 10-20 years, we may see the emergence of robots, machine to machine interaction, smart cities, universal basic economy, ageing population, climate change and prosperous mankind.
In that age, payments between machines will be automatic and invisible. Cashless economy will be a reality with secure, invisible, hyper-connected, data-driven money and payment system becoming a backbone like internet and electricity.
Payments will be integrated as a part of buying experience. Pricing and offers will be specific to you as per your financial score. Secure micro-payments will be order of the day. Micro-payments will also mean more access to everyone.
Technological innovations in payment will allow the remaining less-privileged to get access to basic income and help from across the world. The credit scoring, mortgage options etc. all will be seamless and real-time.
Property will be tokenized. Agricultural land will be tokenized. Equity tokenization will unlock liquidity. Blockchain will be leveraged for tokenization in the future and new business models will emerge. Privacy, legal and security frameworks will ensure the required safeguards.
Quick and easy barter mechanisms will become an alternative to the money economy.
The cumulative effect will be help unbanked and underbanked individuals and SMEs to get benefits of the financial system and accelerate job creation, equitable and balanced economic growth.
Image Credit: Joshua Reddekopp on Unsplash
