The future of spending: How technology will shape how we pay

As technology makes spending money more and more convenient, we take a look at what the future holds for the consumer.

Paying for your purchases used to be to the most straightforward task around, you’d exchange your coins with the cashier and in return you’d receive your goods. Simple. But today, a modest transaction can involve some serious tech.

Whilst everything in the world seems to be making a switch to digital, money is no exception. Gone are the days of signing signatures, punching in pins and certainly, counting coins, but the advancements show no sign of stopping. As contactless currently seems to offer the most convenient method of payment – it begs the question of what could possibly come next.

See also: Are we closer to a cashless future?

Fintech is the hot new topic for start-ups looking to grow quickly as everybody tries to find the new way to disrupt the laboriously slow financial industry. With crypto-currency, contactless payments and blockchain dragging everybody into a high-demand, instant gratification era where the company that offers the most convenient and streamlined payment process tends to be the company that secures customers.

With the vast majority of sales in most sectors moving from physical copies to digital, making payments as simple as a tap of a card or the clock of a button must be seen as a priority for businesses as we move into a cashless society.

But what are the top trends for fintech?


Go back five years and Bitcoin wouldn’t be worth the price of a pizza. Used almost exclusively for deep web criminals trafficking illicit contrabrand or tech wizards experimenting with the de-centralised currency, Bitcoin has grown into a titan in the money world. Encrypted, trackable and faster than any other form of payment, the digital coins have given the business world a whole host of opportunities to reach new customers quicker. From buying Bitcoin only flats in Dubai, to transforming and expediting the financial sector, bitcoin is already here and its here to stay.

Cashless wallets

With all this emphasis on technology on every other sector, it is no surprise that we are slowly moving away from physical notes and coins. With entertainment subscription services taking away the necessity to own physical copies of games, movies, books and music, the financial sector is slowly catching up.

Previously, using a credit card at a store would result in the lengthy process of signing for the purchase. While signing doesn’t take that long, it can be annoying to take that time out. With contactless becoming the social norm for almost every business, there is no longer any need to carry cash around. It is unlikely you’d pay in cash for something over £30 and the speed with which you can simply tap your card on the machine to complete your payment makes the shopping experience so much easier and more casual.


The ubiquity of smartphones has spurned businesses to put the power of spending into the hands of the consumer. The shift from brick-and-mortar sales, to online to mobile has been a seamless one, removing the need even for a physical wallet.

Storing all your cards in one easy to use phone that you will always have on you has made spending that much easier.

Check out the infographic below to find out what the future holds for spending.

Owen Gough

Owen Gough

Owen Gough is a reporter for He has a background in small business marketing strategies and is responsible for writing content on subjects ranging from small business finance to technology...

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