The Future of Payments

There are some trends which make it seem very possible to make future predictions. Technology continues to benefit both consumers that want ease and merchants trying to be accommodating. Paper money and coins continue to decrease in usage by consumers. Less than 10% of Americans use cash as their primary payment option in 2024, so I predict this number will only decrease. 

I think in the future you will be able to scan your credit card, digital wallet, or hand print as you walk into a store. The cart will total your items and you will be able to walk straight out. This technology already exists at little shops in the airport. I also predict face scan will be widely used across nationwide retailers since it is already used in Asia. There is already facial recognition being used in Steak N Shake restaurants in the US. Mobile wallets will also be more widely used than physical cards. 

This digital world is both the best and worst option for consumers. We want easy and this is it. However, all this technology relies on networks that are not fool proof. When issues arise there will be no way to pay for goods for all the people who do not keep paper cash in their wallet. This is also the worst possible scenario for older consumers who do not have younger relatives or friends to help them with technology.