The success of Uber has been documented thoroughly in the media over the past few years. But to every story, there is another side that has an impact on our society. Electronic payments have always been used in an online fashion, but they are becoming the new norm for physical purchases as well. In a way, companies like Uber and Airbnb have shaped the future of e-payments.
Evolving Payments For Future Usage
When electronic payments first appeared, the majority of solutions simple used retail payment options for online purchases. While cash is not an option anymore, there are still businesses who deal with credit cards, cheques, and bank transfers. Thankfully, all of these payment options became more convenient to use throughout the years.
Unfortunately, not all of those solutions work for everybody. A two-way payment option works well for transactions involving services rendered. But for physical goods, they may not be properly suited. Using a bank transfer for an in-store purchase, for example, would not work at all.
In this era of the “sharing economy””, things have been shaken up quite a bit. Mobile solutions are becoming the new norm, even though most options still rely on traditional payment methods. For two-way payments, supporting these new options is of the utmost importance. But for retailers, mobile solutions are not even a blip on the radar, in most cases.
Right now, it is more important to know the intricate workings of the payment system. Finding out where the money goes to, who handles it, and who bears the risk, should all be top priorities. Having more middlemen involved in the transaction is not necessarily in the best interest of either customer or retailer.
It seems inevitable our world will transition to a peer-to-peer economy once again. The majority of payments are already made between individuals, despite having to rely on intermediary services. If we can cut out the middlemen, a better user experience can be created for all parties involved.
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