Payment Trends and the Future of Money

Did you know the first credit card was used in 1958? Yet, the plastic cards that we carry around kind of feel like they might be ancient? And did we ever think about going back to the checkbook, and being the person that balances the checkbook with your register, and writing a check?

There are so many ways of how payments that we make have changed over the years. And today on the Thrive For[e]ward Podcast, we are going to dive into what’s new and why do we use it?

So much of our financial success relies on some of the things that we tend to want to do when we’re checking out or when we’re buying something. And so why not think about the ways in which we buy them, because sometimes, our buying behaviors are made easier by the accessibility of auto payments on our phone, autofill’s on our computer, going to an ATM, and just being able to scan a QR code that’s on your phone versus having to use your actual debit card.

Statics…

  • Analysts forecast that mobile payments will progress at a Compound Annual Growth Rate (CAGR) of 29% during 2020-2027, projecting to account for nearly $8.95 trillion by 2027

  • Blockchain transactions are growing. Statista reports that the number of blockchain wallets reached 70 million in 2021, climbing from 10.98 million at the end of 2016

  • Cardless ATM withdrawal is one of the primary mobile banking industry trends in 2021 and years to come. With innovations in NFC technology and QR code scanning, customers can interact with banking ATMs much easier

I want you to think about all this information and your behavior surrounding money.

Ask yourself…

  • How do I make purchases right now? And in those purchases, how am I having a healthy relationship with my money?

  • And as you have a healthy relationship with your money, I want you to think if you’re being the most strategic and what does that mean?

  • Being the most strategic means asking yourself, am I maximizing rewards that I could be receiving?

  • Am I getting the most cash back that I can get?

  • Am I allowing myself a safety net and not making sure that I’m spending more than what is coming in?

Then, remember, the more you communicate about your behaviors, the more you will build a solid foundation when it comes to your wealth. And as I always say my dear friends, you are worthy of wealth.

Resources:

2022 Commerce and Payment Trends Report

How to Maximize Cash-Back Rewards on Mobile Wallet Purchases

New trends in US consumer digital payments

Feel free to schedule an appointment to our complimentary 30 min Wealth Assessment session to learn more about how we incorporate these strategies and others to assist you through the financial planning process.

Investments in real estate may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographical sector. Other risks can include, but are not limited to, declines in the value of real estate, potential illiquidity, risks related to general and economic conditions, stage of development, and defaults by borrower.

Securities offered through LPL Financial, a member of FINRA/SIPC. Advisory services offered through Advisors’ Pride, a SEC registered investment advisor. LPL Financial, Advisors’ Pride, Forethought Planning and the guests of Thrive For[e]ward podcast are separate and unaffiliated parties. Any of the parties listed above are not affiliated with Forethought Planning, Advisor’s Pride, or LPL Financial. The views expressed here are those of the participants, and not those of Forethought Planning, Advisor’s Pride, or LPL financial. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. LPL Financial and Forethought Planning do not offer legal services. Socially Responsible Investing (SRI) / Environmental Social Governance (ESG) investing has certain risks based on the fact that the criteria excludes securities of certain issuers for non-financial reasons and, therefore, investors may forgo some market opportunities and the universe of investments available will be smaller.

Share This Post

How can we help you on your wealth journey?
Our team is ready to guide you through your next steps.
Get in touch.

Subscribe To Our Newsletter

Sign up to receive a notification when a new blog post is published, as well as economic updates, financial planning knowledge, and helpful resources.

More To Explore

Launching our NEW Look

Forethought Planning same service with a new twist! We have been working on a new brand strategy for months now. Hiring a firm to help

Wise Women Build Wealth

On today’s episode, we are talking about making a career change and the importance of a support system during big transitions. The questions you might ask yourself are; How do you know when it’s time to move on? What do I need to know about tax planning and retirement planning while transitioning? According to a survey by InHerSight, seven in ten women are looking to change careers. This is up 28 percent since we posed the same question just last year. So, why are they looking to change careers? We are seeing that a common theme is “burnout.”