There is a time for everything. Everything sprouts, grows, withers, and eventually vanishes. This is how life works, and it works the same way with money and how you get it. Our understanding of money is changing dramatically, both in terms of how it is earned and its worth.

You take a dime out of your wallet. You can pick up the coin and hold it in your hand, and you know it’s worth ten cents. You’ll most likely be clutching a small plastic thing shaped like a heart or a star in a few years, or you may not even have a wallet and only have access to virtual money that you don’t understand.

When was the last time you thought about money’s past, present, and future? The advent of electronic banking and digital currencies may signal a shift toward a cashless society. The potential of cryptocurrencies such as Bitcoin is exciting to explore. With over 8,000 digital currencies on the market, it’s a hotbed of potential as well as debate.

When we think about the prospects for the future of money, it might help us gain a new perspective on our own financial situation. Perhaps understanding how money evolves will enable us to make more informed and foresight financial decisions. Will the way we think about money change?

1. Credit Cards and Mobile Payment Apps

In recent years, the use of credit cards has exploded. VISA and MasterCard control over 80% of the worldwide credit card business, making this a classic oligopoly situation (feel free to disagree). Mobile payment solutions, on the other hand, are quickly becoming a new and more comprehensive system. Mobile phones, applications, Bluetooth solutions, and other new technology are enabling new ways to make payments and move money.

Younger generations have adapted swiftly to new payment methods, and many of them have never experienced the sensation of holding real cash in their hands. Money is becoming “imaginary” in some ways, providing fertile ground for treachery, particularly among Generation Z. It’s a massive market. Money is still king in this market, but it’s money spent on mobile phones. People’s allegiance is likely to dwindle because they don’t have the money in their hands.

2. Cryptocurrency


Cryptocurrencies have evolved from digital novelty to trillion-dollar technologies with the potential to destabilize the global financial system in just a few years. Bitcoin and hundreds of other cryptocurrencies are becoming more popular as investments, and they’re being used to purchase everything from software to real estate to illegal substances.

Cryptocurrencies, according to proponents, are a democratizing force, taking money creation and control away from central banks and Wall Street. Critics, on the other hand, claim that the new technology is completely unregulated, giving criminal gangs, terrorist organizations, and rogue nations unprecedented power. They say that cryptocurrency mining, which consumes a lot of electricity, is also bad for the environment.

Financial regulators are scrambling to come up with a solution. Cryptocurrencies are regulated differently around the world, with some governments welcoming them while others are prohibiting or restricting their use. To fight with the crypto explosion, central banks throughout the world, including the US Federal Reserve, are considering launching their own digital currency.

Blockchain-based digital currency is a possible option for the future of money as the world continues to move toward financial exchange systems that promote convenience. Major banks, accountancy firms, software corporations, and the government have all put millions of dollars into bitcoin research or blockchain initiatives. “Will cryptocurrencies aid in the transition to a cashless society, or will these idealistic intentions prove too challenging to achieve, resulting in further inequality?

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3. Digital Banking

When banking services are conducted online in order to decrease risk, increase efficiency, and better serve consumers, this is referred to as digitized banking. Particularly in the aftermath of the COVID-19 outbreak, in-person banking is steadily dwindling. It’s only natural that the future of money will continue in this manner, with commercial bank branches becoming more contactless and automated at an increasing rate.

Experts believe that more banks will become entirely digital in their service offerings, which is not surprising. Customers save time and money by shifting a portion of their banking transactions completely online, while banks save money on office space by moving a portion of their transactions completely online.

4. Money Management Begins to Be More Purposeful

Emerging advancements in fintech are expected to make our money work harder for us and our values during the coming decade. A younger generation of investors is utilizing money in a more purpose-driven way, thanks to the emergence of impact investing and belief buying, and they want their banks to reflect that. While the bank profits from your money, it’s possible that your money isn’t entirely working for you yet, and may even be working against you.

Without relying on giant banks that contradict their ideals, passionate investors are tackling challenges like climate change, corruption, and social inequity. What does this portend for money’s future? In the end, banks invest our hard-earned money wherever they see fit, usually profitably. This means that a bank may be investing your money in causes you don’t believe in. People are becoming more aware of the disconnect between their principles and their spending/investing habits these days.



While security and cost-effectiveness are critical, we cannot overlook the fact that the future of money is digital and data-driven. People appreciate the convenience of developing forms of currency since it allows them to manage their finances with less worry, whether it’s food budgeting or setting up automatic savings contributions.

Knowing how to develop, interpret, and interact with the smart contracts that enable this will become a talent that an increasing number of individuals will need to participate in the economy. This means money will become less abstract – just a number in a box – and much more linked to our digital labor and self-expression.