The Value of Innovation

As people use cash, credit cards and also their debit cards to make payments or send money across places; there’s a new innovation that will seep into the world. The innovation of transfer. Imagine carrying just your phone or a Bowpay sheet. Then making a payment to the store or even your friends. Imagine that your friend is in Toronto and that you are in Vancouver. Just text your friend the Bowpay code and seamless transfer completed.

Payment trends:

In the year 2016; total payments in Canada market grew to 21.3 billion in regards to consumer and business transactions.  The transactions are worth more than $9.2 trillion.

Credit card transactions totaled more than $462 billion in 2016. Online transfers growth are 51% to $68 billion. As more people transact online, the electronic fund transfer surpasses cheque value (people writing cheques) for the first time in the year 2016.

Cash overtime declined as more users opt for credit card and debit card use.

Cryptocurrencies Explained:

Since there are no financial advice as cryptocurrencies are a new form for stores of values. The product is sold like a product.  An example is when a person goes and buy gold or silver such as a ring.  The ring is made of gold and it has a store of value.  No one advised the person to buy the ring to make an investment.  Instead, the ring is bought for fashion sense.  The fashion also has a store of value.  If the person later on wants to sell the ring, the ring would have value.

Another example is real estate and housing. For some people; buying a house, condo or other forms of real estate is to store the value.  Over time the value of the property might rise and the person is taking a risk that the real estate market will go up in value.