How people spend money has changed dramatically over the years. From the rise of the internet which led to online shopping, and the way people carry money with them in the high-street has all adopted a growth in technology. Large businesses have had to quickly adapt the way people can buy things in their stores in order to keep people interested, and with the advancement of digital currencies, the way people spend is going to keep on changing. From looking for the latest fashion, to being influenced by an leading them to put a deposit in the casino, spending has now become digital.
Rise Of The Internet
The rise of the internet was a huge milestone in communication and technology, and the World Wide Web seems to grow even more every year. With the rise of the internet, online shopping has become a huge part of every-day life, and now a large percentage of internet users shop online rather than, or as well as, in store. According to the Office Of National Statistics, the percentage of women purchasing online increased from 49% (in 2008) to 75%, and the percentage of men grew from 57% in 2008 to 77%. Because of this huge increase, more businesses have had to become available online as well as in store in order to adopt to this.
E-Wallets have been around for a while, but it is only recently, since PayPal split from eBay to become independent, that E-wallets have had a huge effect on digital currencies and how large businesses are having to adopt. Buyer protection is guaranteed when people shop through an e-wallet like PayPal, and because of this, more people are looking to them in order to purchase online. Because of this, large businesses are having to add PayPal onto their online stores, to keep up with the increasing demand for this.
E-Wallets have become an increasingly popular form of digital currency, and people can also use PayPal in a high-street store, instead of using cash.
As of March 2016, Bitcoin’s market capitalization reached nearly $6.5 billion and although this form of digital currency isn’t being used commercially, they are beginning to climb up the ranks. Bitcoin and other cryptocurrencies are used by third parties in exchange for payments for big companies such as Dell, Microsoft and Expedia, but the trend hasn’t yet taken off. However, if it does, then there could be a chance that large businesses will have to quickly adopt to this demand.
Barclays became the first big British bank to . Circle, the firm that the bank partnered with, runs partly on bitcoin’s blockchain network. This shows that bitcoin is beginning to make its mark, and other large businesses, from banks to retail stores, may have to adopt a new stance when it comes to looking at the use of bitcoin as a digital currency commercially.