Closing in on a Cashless Economy
February 1, 2018
The world went mad after Amazon launched its cashier-less store last week.
Amazon Go stores track products taken from and placed on shelves, and create a virtual cart. This allows customers to grab what they want and leave, while their Amazon account is automatically charged.
Pulling money out of your wallet nowadays is like checking your watch for the time. It’s admirable in some circles, but comical in others.
The way we pay is changing, and Amazon Go is the climax of a worldwide cashless crusade.
Cash is Dead
Creating and distributing cash is expensive, costing the average US family over $1,000 in 2013.
Plus, cash is the oxygen that feeds shadow economies, which sell untaxed weapons, drugs and other illicit materials.
Your neighborhood drug dealer probably doesn’t carry around a debit machine. Just a guess.
Credit cards and mobile payment apps, particularly Visa payWave and Apple Pay, are dominating the payments space.
Using your smartphone to withdraw cash from an ATM feels like magic, but this technology, and cashierless stores, makes you wonder why ATMs even exist
These mobile wallets services came onto the scene in a vulnerable state, using raw technology that hadn’t been fully tested.
Since then, they have been enhanced, and embraced by multiple banks and businesses.
Using your smartphone to withdraw cash from an ATM feels like magic, but this technology, and cashierless stores, makes you wonder why ATMs even exist.
Everyone who purchases anything should care about how payments are evolving.
This is especially important for small businesses, who have to corner their consumer market to survive. Luckily, they can find the majority of their audience using mobile wallet services.
These payment services act as a map to meeting your consumers on their preferred platform.
Payment services act as a map to meeting your consumers on their preferred platform
In a world where there are countless choices, sometimes convenience and communication are all you need to gain an edge.
Here a few reasons why mobile payments can modernize small businesses.
If there was a manual on small business, cutting costs would have its own chapter. Countless businesses don’t accept credit because of the fees they have to pay when processing transactions.
Saving money on point-of-sale equipment like cash registers and ATMs can have an enormous impact on your bottom line.
That isn’t even counting the paper and ink you’re saving by using digital receipts.
Knowing where your consumers are and what they need is crucial to small business success.
Mobile wallets provide customer data that can be used to better meet your consumers’ needs, including what their preferred payment method is, how much they spend, and what they buy.
Mobile wallets provide customer data that can be used to better meet your consumers’ needs, including what their preferred payment method is, how much they spend, and what they buy
This informs your supply operations, marketing, and countless other aspects of your business.
Compare waiting in line at a grocery store with shopping at Amazon Go.
Say goodbye to checkout lines stretching out to the street. Cashless systems ensure people can purchase products quickly, with payments being transferred in under three days.
This gets even better with blockchain-based payment technology startups like Veem, which offers real-time B2B payments.
Small businesses are meeting the needs of consumers by adopting mobile payment technology
Small businesses are meeting the needs of consumers by adopting mobile payment technology.
Veem was similar when it launched its connected payments platform in 2014, allowing businesses to bypass banks for quick, simple and secure business payments.
Using the latest technology, Veem provides state-of-the-art cryptosecurity and real-time tracking on all payments, so you know where your money is at all times.
We don’t have time for funny business, and you don’t either.
That’s why Veem has no hidden fees, and ensures that you know how much money will arrive and when.
Join Veem today and say hello to simple payments.