A 2 min video looking at the rise of micropayments industry, digital currencies, and even a GoldmanSachs coin!
This was a question posed by the Co-founder and CEO of Coinbase Brian Armstrong earlier this year on Twitter.
Even when it was relatively cheap to send text messages people still sent very few compared to WhatsApp which for some has become the way to communicate as it’s FREE and global with no consideration of where WhatsApp messages are sent from or to.
Are we to see a revolution in payments as they become free or virtually free?
The Chinese government has announced that they are extending the use of its Digital Currency to a selection of its larger cities including Beijing.
Ripple has $16 billion of XRP tokens and its CEO claims it wants to be the Amazon of payments.
If the cost of making payments globally goes free it could give a massive boost to micro-payments as the web migrates its business model from free content subsidised by monetising viewers data such as Google/ Facebook do, to paying viewers for their attention, content, loyalty with micro-payments The micro-payments sector booming as can be seen by Ripple which gave a grant of a billion XRP ($260million) to the platform Coil, that pays for writers for content, so similar to Medium.com which also makes micro-payments for people’s content, based on the number of readers each article generates.
Electroneum is another company heavily involved in the micropayments sector having recently launched Any task, a competitor to Fiver. Electroneum has crushed the cost of global payments using its native ETN cryptocurrency.
Even traditional financial services companies are looking to find ways to reduce the cost of payments, such as banking giant Goldman’s who are looking at creating their own coin!
The ability to make payments free could save up to $60billion a year in transaction fees in just the global remittance market.
As the cost of moving money around the world becomes cheaper and cheaper not only will it impact on the existing business that has been charging to facilitate payments but it is likely to stimulate innovation and other methods of payments enable the payment of items which to date are not being made such as your time, attention, engagement or views and ideas!
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