Paper money and credit cards will disappear. A cell phone will become your payment instrument, and your money will be stored in cryptocurrency on a digital wallet. Going to play at a casino and finding an amazing game in the games catalog here nationalcasino.com/casino/lobby, you will immediately make a deposit in bitcoins and play in peace. Is this pure science fiction? Not sure!
You may not know it, but in some cities around the world, especially in Southeast Asia, paper money is on its way out. The same goes for credit cards. So how do you pay for in-store purchases? With a smartphone, quite simply! How? It is very simple. Banks offer their customers to download an application on their cell phones. This application has an integrated QR scan. When you make a purchase, you just have to open your application, scan the QR code of the salesman at the checkout, enter the amount to be paid, and that’s it. The money is immediately transferred to the seller’s account, who receives a message on the screen of his cell phone within a second.
This method of payment has become the daily routine for millions of people. In shops, bookstores, bars fewer and fewer purchases are made with cash or credit cards. Everyone pays with their cell phone. This method is also very common in large cities. For online purchases, your bank can offer you a service allowing you to create a virtual credit card available on your banking application. The advantage is that it allows you to create an ephemeral code for each transaction. Thus, in case of hacking, the hacker will not have access to your account, but only to a totally unusable card code!
So much for the present! Now let’s go into the future and look at crypto-currency payments. For online purchases of amounts exceeding 1000 dollars, many merchants require identity verification. In particular, some airlines are quite picky and can take some time to approve a payment, delaying the transaction even more. Paying with a crypto-currency like bitcoin, on the other hand, is immediate. That’s because every transaction is approved by users through the blockchain, and personal information is stored securely.
A handful of companies such as Microsoft, Expedia, Twitch, and Dell accept payments in bitcoin. In the world of online entertainment and sports betting, there are many online casinos that accept bitcoin payments. The main reason given by this gaming giant is the security of the transactions.
It will certainly be a while before cryptocurrencies are accepted to pay online for your Netflix subscription or your books on Amazon directly from their site. However, it is already possible to pay for these types of purchases in bitcoin in a roundabout way, by buying gift cards from sites that offer them in exchange for bitcoin. It’s not quite the same, but the result is the same: spending your bitcoins!
There are still a few steps to go before the trade is truly disrupted by cryptocurrencies, but we’re slowly getting there. We might as well start preparing for it!