The Future of Alternate Currency and Transactions
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How will we pay for things in the future?
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The Future of Alternate Currency and Transactions
- 1. The Future of Currency and Transactions Heather Schlegel | @heathervescent image: peasap
- 3. 23 questions
- 5. Nov-Jan 2011Research & Scanning 7/10/2011| 2 @heathervescent image: Blue quare Thing
- 6. Usage Today 7/10/2011| 3 @heathervescent image: quaziphoto
- 7. Offline 4/6/2011 | 4 @heathervescent Online 60% Credit | 57% Debit 70% Credit | 35% Debit 46% Cash 48% Paypal 7/10/2011| 4 @heathervescent images: quaziphoto, H2SO4, Andres Rueda, snail’s trail
- 8. Economic Participation 5 7/10/2011| 5 @heathervescent
- 9. The Trends Alternate Currencies New Currencies Mobile Technology Credit Card Innovations Collaborative Consumption Non-Financial Transactions 7/10/2011| 6 @heathervescent Images: sevnfloorsdown
- 10. Alternate Currencies Gaming Currencies Corporate Currencies Social Capital Currencies Value-Encoded Currencies 7/10/2011| 7 @heathervescent Image: Todd Huffman
- 14. No Banks
- 15. Anonymous7/10/2011| 9 @heathervescent Image: Tama Leaver
- 19. 7/10/2011| 11 @heathervescent
- 20. Credit Card Innovations NFC Multiple cards in one Singlecharge authorization Pin-codeconfirmation 7/10/2011| 12 @heathervescent Image: Robert Scoble
- 22. Reusing
- 23. Sharing
- 24. Sustainability7/10/2011| 13 @heathervescent Images:
- 25. Non-Financial Transactions 7/10/2011| 14 @heathervescent Images: rotokirby
- 26. Non-Financial Transactions Freecycler NeighborGoods CouchSurfing Local Time Banks Produce, Clothing, Electronics Swaps 7/10/2011| 15 @heathervescent Images: rotokirby
- 27. Extend, Not Replace 16 7/10/2011| 16 @heathervescent Images: Troy Holden
- 28. 4/6/2011 | 17 @heathervescent Dinner with Friends 7/10/2011| 17 @heathervescent Images: Jerry Faykin
- 29. 4/6/2011 | 18 @heathervescent Other Possibilities Value Score BioMetric Payment Single Point of Payment Financial AI Universal Global Currency 7/10/2011| 18 @heathervescent Image: epSos.de
- 30. How will you participate? Shape? Support? Oppose? 7/10/2011| 19 @heathervescent Images: abbynormy
- 31. One Opportunity 7/10/2011| 20 @heathervescent Images: heathervescent
- 32. One Challenge 7/10/2011| 21 @heathervescent Images: functouser
- 33. Recommendation 7/10/2011| 22 @heathervescent Images: Silverisdead
- 34. 4/6/2011 | 23 @heathervescent Thank You Heather Schlegel heathervescent@gmail.com @heathervescent Image:bdearth
Editor's Notes
- Need to make notes of biases here
- 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