Online Banking: High PenetrationOnline Banking (91%) and Payments (89%) Top Online Platforms: Paypal, Apple PaymentsOnline Currency: Niche UseOnline (23%) and Virtual Game Currencies (26%)5% bought, 14% earned and 9% used. WoW, Linden, FB Coin top mentionedMobile: EmergingMobile Banking (39%) and Payments (24%)Alternate TransactionsRandom Acts (68%) and Pro-Bono (60%)
How do people pay for things?
Traditional Economy highestNon-Financial EconomiesGift (54%)Barter (52%)Favor (50%)Networking (43%)Social Capital (40%)Time Banks have little exposure (9%)
TodayComfortable with online paymentsMobile payment options are being explored Alternate currencies are used in specific communitiesMobile technology promises muchThree Invisible TrendsCommunities of transactionBonding through non-financial transactionsCommunicate what I value
Alternate Currencies are used in their Niche CommunitiesWhether they are corporate currencies, community currencies or currencies of social capital… these are found and used in niche communities.Gaming CurrenciesWoW, Linden, FacebookCorporate CurrenciesFrequent Flyer, Rewards PointsSocial Capital CurrenciesRatings, RecommendationValue-encoded CurrenciesVen, Bitcoin
These currencies have values encoded into their “DNA”Ven: international weighed (not dependant on the dollar) and carbon neutral.Bitcoin: peer to peer, no need to use a trusted network (no banks), like cash but can be used online using an encrypted key
Finally starting to internalize post-consumer values which is shifting behaviors.Values are shiftingCommunity ExamplesFreecyclerNeighborGoodsCouchSurfingTrade School (NYC)
We are increasing non-financial transactions.And these non-financial transactions create stronger bonds between people than a pure money exchange.This becomes a positive feedback loop when these transactions happen in a community – and often a community will form around these non-financial transactions.
These alternate currencies, mobile transactions, and non-financial transactions are not looking to replace the current economic system, but to extend into areas currently unserved by traditional methods and channels. Bandwidth to Communicate More: My ValuesThe experienceThe transactionShared ValuesOther Characteristics
Build the Technological gap to fulfill the need to track alt currenciesIssues: Definitions, Openness, Cross-SystemSolution: Propose standards organization
The Future of Alternate Currency and Transactions
The Future of Currency and Transactions<br />Heather Schlegel | @heathervescent<br />image: peasap<br />
Research Methodology<br />Survey<br /><ul><li>220+ participants