Tuesday, May 14, 2013

What’s new for the payment system in cloud era (Bitcoin)

Payment system is evolving day by day and a group of genius and innovative brains are working towards discovering new possibilities in this area. Market and the end users are also accepting the changes and that community is getting overwarming response with some new challenges. These acceptances and challenges are motivating towards new discoveries. This is making the life easier.

Payment has gone through phases.

First of all there was the barter system; in this system people exchanged goods and services for other goods and services without using money.  

Second, the cash world this is still in existence and will continue till long. A majority of people use this for low and certain type of transactions.

After this we have gone through the digital era where people can transfer money around the world. Debit, credit, Gift, loyalty cards and online banking are taking place of hard cash. This form of money is called plastic money. Now a day it is trendier. It reduces the insecurity while carrying hard cash and also promotes hassle free transactions not only at your door step but also over the world.

Now we just entered the cloud era. Master card and VISA is not cloud innovations. They are just services people pay for. Many of the innovative ideas are taking shape for cloud era. Standard Bank is currently constructing ‘Open Pay’ and a digital currency such as Bitcoin. And they claim that it is a drastic step forward from mobile money.

Standard Bank claims that with cloud payments they are proposing a new model to move away from Mastercard and Visa cards- who came about to help those payments happen.

I congratulate and say “Good Luck” to everyone who always discovers new possibilities for human welfare.    

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