Does anybody carry cash anymore?
Personally, I hardly ever carry cash. And when I do, it’s little more than enough for a tip at a restaurant. The world is changing before our eyes, and it’s been pretty cool to watch. Namely, with cashless payments.
Between 2015 and 2020, we saw a ton of cashless payment apps rise to the forefront of our daily lives. Before I knew it, I was using apps like Venmo and The Cash App damn near every day, shortly after having never heard of either in my life. Just this past quarter, Venmo processed over $27 billion in cashless payments.
Don’t forget about Apple Pay, Apple’s wireless payment system that allows you to connect your credit/debit cards, which seemingly becomes a more normalized method of payment with every passing year.
Rising Tech Giants
Here’s what two of the top dogs in the cashless payment space, Venmo and The Cash App, have been up to in 2019.
Venmo recently added a GIF feature to its app, allowing its users to express themselves more colorfully when making transactions.
Both Venmo and Cash App released their own debit cards over the past two years for its users, each with their own personal touch.
- Venmo allows its users to choose their debit card color from a palette of six choices.
- While The Cash App does not offer multiple color options, it allows its users to digitally sign and etch their name onto their sleek black card.
What Does it Mean For Us?
In 2020, we can expect cashless transaction giants like Venmo and The Cash App to become more aggressive in their business models, as well as continue finding ways to personalize their users’ experiences.
For example, in October, Venmo announced it would release its first credit card in 2020. This follows Apple’s release of its exclusive Credit Card, released in 2019 after its partnership with Goldman Sachs.
Amazon plans to open more of its cashier-less stores in 2020. You simply enter the store using the Amazon Go app, pick up what you’d like and… walk out. Crazy.
- To emphasize just how much cashless payments have taken over, even 7-Eleven has unveiled a cashier-less store of its own in Texas.
What’s next? I’m not sure, but one thing I do know is that 2020 will be the year of cashless payments. Markedly more so than 2019. Buckle up, people.