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…
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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
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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
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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…
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How do I make purchases right now? And in those purchases, how am I having a healthy relationship with my money?
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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?
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Being the most strategic means asking yourself, am I maximizing rewards that I could be receiving?
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Am I getting the most cash back that I can get?
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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.
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