What the Economy Might Look Like in 2020

The modern economy is shifting fast, and while it may be hard to believe there are already some places where cash is a thing of the past. Here, we look forward not just to next year but to our next big milestone. 2020, when the payment landscape will have changed a great deal.

More Ways to Pay

It’s already begun, but soon there will be many more ways to pay for goods and services. You’ll be able to lend someone money, pay for something wherever you may be in a store, and have multiple options for doing so – either through a small business credit card processing third party account or via mobile device. Employees will essentially carry the registers with them in the form of mobile devices. Don’t worry, they aren’t heavy or cumbersome, but they will change the way you pay for things. And the speed at which you do so.

Secure Data

A less “sexy” innovation is the security aspect, but it’s no less important to the consumer experience. Hackers will have a very difficult time cracking through multiple levels of encryption, and will be rewarded only with anonymous data if they do manage to get through. Every transaction is protected because it’s unique. For instance, say a merchant was to go with an account through Charge.com, would he or she truly be safe against hackers? As stated before, each transaction is independent on its own, making it extremely difficult for any thief to hit the jackpot.

New Technology

Think smartphones were cool? Wait until you see what bluetooth can do. Apple pulled the plug, literally, on the headphone jack this year. Samsung is following suit. Soon, consumers will have a Bluetooth headphone experience offering excellent sound quality and high data transfer rates. That same technology can be applied to payments, so consumers merely have to have a device near and agree to the terms of purchase. Someday, we may not even need to carry a wallet with us.