Since time immemorial, humans have been paying for goods and services. The only thing that changes is the way the transactions are enacted. It started with barter trade to Cryptocurrencies, and we are currently in the middle of another method. It is the belief of many that Cryptocurrencies and eWallets are the catalysts for the emerging payment solutions. The future of money is headed towards payment portals and apps.
If you are keen enough, you must have noticed that cash is slowly being phased out in favor of more virtual forms of currency. It is easy to carry around your money in a plastic card and use it to transact on brick-and-mortar stores and online stores.
The increasing digital demand has forced banks to set up virtual payment portals backed up with credit and debit cards.
Despite being a misunderstood payment method, Cryptocurrencies like the Bitcoin, have their foot at the door of payments because of payment apps and their multifunctionality. Already apps are emerging that have incorporated Bitcoin buying and selling. They have moved further to facilitate spending to attract more clientele.
What attracts people is the multifunctionality of these apps that allows them to buy, pay, and invest.
The future of eWallets is tied to the hip to Cryptocurrencies like Bitcoin. The eWallets designers are slowly adopting Cryptocurrencies to attract a new type of user. As they do so, they promote the Bitcoin industry as it is being compared to virtual cash.
For Cryptocurrencies like the Bitcoin to be used on a massive scale, there is a need for a daily use case. What that essentially means is that people must be able to spend it. The more you can spend it; the more people will be willing to use it.
In the beginning, transactions might demand the transition of Bitcoins to real money. The challenge will be in the transition costs, and the facilitating role will lie in the hands of payment companies and eWallets.
Financial experts believe that the future of cryptocurrency-based payment solutions is multifunctionality. You should expect to see solutions expanded to include an ecosystem of additional services. The eWallets will have investment management tools, payment remittance, and daily transactions.
For companies in this industry to succeed, they have to be more than an exchange for buying and selling Cryptocurrencies. Their strategies should revolve around building an ecosystem that will serve the everyday needs of people.
The needs of users have informed the changes in payment forms offered. The road to mass adoption varies, but the potential of Cryptocurrencies is motivated by a payment method, eWallets in payment apps that have already made significant steps to be the future. There is a need to integrate the two (Cryptocurrencies and eWallets)to speed up the adoption of Cryptocurrencies as a means of exchange. Furthermore, cash apps can use their multifunctional mandate by offering Cryptocurrencies as an option.
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