Interesting information about the future of our payment systems. Check out this recent article in the New York Times about what is to come…

Coming soon: New ways to pay

Andrew Ross Sorkin
The New York Times

The money revolution is coming, said Andrew Ross Sorkin. With the rapid development of new forms of commerce—such as Bitcoin, the Square payment system, and peer-to-peer lending platforms like Lending Club—“we’ve already begun to see hints of an impending overhaul.” Virtual currencies themselves are nothing new, and they endured a long history of failures before the emergence of Bitcoin. But times may be changing. Even if Bitcoin is “just a fad,” it has at the very least raised the prospect of “cheaper and more efficient” ways to pay for goods and services and move money around the world without relying on third-party intermediaries like banks and credit card companies. In Silicon Valley, “some of the sharpest futurists around” are working on revolutionizing banking and payment systems. They see a world full of digital wallets, mobile payment systems, virtual credit cards, even loans that are untethered from traditional banks. Of course, “the future of currency may be the biggest question mark around finance” in the digital world—the dollar, after all, has a pretty strong track record. But when it comes to how we pay for products, “shifts in the plumbing of transactions and the future of banks may be the most transformative.”

Vince Liuzzi
EVP, Chief Banking Officer
DNB First – Banking since 1860