During the past few years, there has been a revolution that has taken place in the world of payments. This started with blockchain technology and grew into FinTech and now artificial intelligence along with cryptocurrency. While we have been living in a world of global commerce for the past few years, this has been taken to new heights with the dramatic rise of cryptocurrency.
The payment industries of the future are going to be shaped by small devices that fit in the palm of someone’s hand. These are mobile devices and are open 24 hours per day, allowing businesses to have unfettered to their access both day and night. It can happen at home or on the go. What’s more evident is that companies know this. That is why cryptocurrency has risen so quickly.
By 2022, the world of global electronic commerce is expected to rise to close to $5.7 trillion. This is a staggering increase by close to two-thirds during the next three years. This represents nothing short of a revolution thanks to the growth of the digital marketplace. Of course, all of this is happening because customers simply prefer it. Customers would rather make purchases from their own mobile phones or tablets. They are more familiar with these devices and feel safer using them. By 2021, it has been projected that close to three-quarters of all e-commerce sales are going to take place on a mobile device. This only makes it easier for people to buy things, which is the ultimate goal. Sales can happen at any moment. Someone can stand in line waiting to buy one item while he or she purchases another from a mobile device. Even when the physical store is closed, the online store is still open.
Of course, if people can buy items in the virtual world, it makes sense that there should be a virtual currency as well. Enter the world of cryptocurrency. These are powerful tools that have the ability to transfer money and wealth immutably. They are completely decentralized, which allows people to transfer money without having to go through banks. This is a digital asset that is stored on blockchain technology, ensuring that all of its data is stored forever. This simply increases transparency and reduces fraud, which is good for the customer.
Therefore, it should come as no surprise that cryptocurrency has evolved along with the growth of e-commerce. It will be exciting to see what happens next in the digital marketplace. What is happening now is nothing short of a revolution.