The Future of Money

What is the future of money? Quite honestly, the farthest I’ve ever really gotten with the question is whether I’ll have any or not. However, Fundly CEO Dave Boyce was on a panel dedicated to this topic at the South by Southwest Music Conference and Festival (SXSW) in Austin, TX on Monday and the reality of technological innovation is mind blowing.

In an interview with AP Mobile and MTV host Abram Boise* , Dave shared some of the topics that were presented to the panel. The future of online payments and consumer transactions are ready and available for use today and credit cards, wallets, and cash will soon be distant memories. (I was going to add checks into that mix, but somehow they seem to have already entered into the almost obsolete category.)

Basically, the future of money boils down to trust. A few years ago when I first started to use eBay and make other online transactions, I was terrified of cyber-hackers stealing my credit card information. Now I have a habit of researching products online, looking for the best deals, and without a second thought I put in my personal data to purchase anything from clothing to furniture to vitamins.

Dave uses the great example of the trust that people put into Facebook. Users post family pictures, events in their lives and share information for all to see. Regardless of generation, Facebook users from 12 to 100 years old have put their trust in the Facebook brand. Can you imagine if you could purchase goods through a Facebook account?

Secondly, the Apple Corporation has also won the trust of its users. This is one of the most tangible ways that transactions will be effected. Picture going into Starbucks, pulling out your iPhone and having the funds directly taken from your account without a bill or credit card in sight. According to Dave, “the technology is ready; the missing link is the trust.” Furthermore, the applications are available to retailers with minimal investment.

Dave also brought up the valid point that you spend money on things you want to be a part of your identity such as music, film and the philanthropic causes that you care about. Why not share the charities that touch your heart with your Facebook friends and challenge them to give, too?

Also directed to non-profit fundraising, Dave mentioned that the reason PayPal is not fulfilling their potential is because it is a difficult platform for third party users and the experience isn’t pleasant. “You either have to own the experience or own the platform,” advises Dave. This is a great principle for charities to apply to their own websites: is your site difficult to maneuver? Is it too complicated for your donors to give?

The future of fundraising is online, and the future of money concerning internet payments and mobile transactions is closer than we realize. Are you ready?

* Watch the full interview: http://http://bit.ly/yueFXl