Kids show the future of banking

A woman registers her palm on a PulseWallet, a point-of-purchase device, during the 2014 International Consumer Electronics Show (CES) in Las Vegas, Nevada. The system measures vein patterns in the palm. After confirming a person's identity, the purchase can be paid with a "digital wallet" linked to a credit card, debit card, a bank account or even paid in bit coins. REUTERS/Steve Marcus

A woman registers her palm on a PulseWallet, a point-of-purchase device, during the 2014 International Consumer Electronics Show (CES) in Las Vegas, Nevada. The system measures vein patterns in the palm. After confirming a person's identity, the purchase can be paid with a "digital wallet" linked to a credit card, debit card, a bank account or even paid in bit coins. REUTERS/Steve Marcus

Published Sep 20, 2016

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The one thing that really stuck me as odd in the US is having to write a cheque. Coming from South Africa, where chequebooks haven’t been common for many years, this ancient cheque practice became really frustrating. South Africa, and indeed Africa, have some of the world’s most advanced mobile electronic banking systems, and there are even rumours Mark Zuckerberg was checking out M-Pesa in Kenya on his recent African visit.

So what is the future of payments? Surely cheques need to go! The best “futurists are the people who have grown up with technology and don’t know a world without it - our kids. Tiana Cline checks out Visa’s research into the future of payments:

Children are growing up as fast as technology is evolving. Screen junkies, digital heroine, anti-social behaviour - how our kids interact with the tech around them is one area that gets a lot of flack. But no matter which side of the debate you sit on, one area where they are adapting at a seriously fast pace is how we pay for things. What’s a chequebook again?

Visa partnered with Effective Measure to conduct research into the spending trends in Africa. It found that the largest growth area in terms of new spending methods was the mobile arena, especially when it comes to Africa.

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What’s interesting is that today’s generation of kids are much more trusting when it comes to new technology like payWave, online shopping, near-field communication and more.

They believe tech is there to serve them. And when it doesn’t work out, they're open to asking for help. They don’t necessarily get overwhelmed like adults do.

Youthful adopters

Visa interviewed several forward thinking (and at times very imaginative!) children across the country.

Take my tech-savvy two-year old as an example. He can unlock my iPhone and swipe to the screen where all his apps are located in a few seconds. With YouTube, he knows what caching means and reaches over to skip ads before I can touch the tablet’s screen. He even understands that paying for stuff from grandma is about setting up a quick FNB Geo payment.

And at the shops, he insists on seeing the numbers on the keypad and wants his own card to pay for important stuff like marshmallows and chocolate. To him, coins go into a charity tin, they’re not for payments because those happen electronically.

This article was provided by Liron Segev at The Techie Guy

THE TECHIE GUY

@Liron_Segev

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