Payment Apps Surge

In my publication, I will be discussing the future of Economics and Money. I will discuss the impact that payment applications will have on the future of banking. Payment Applications, such as Apple Pay and Venmo could have a major negative affect on the future of banking. This is an interesting topic to me because of the long term impacts it could have on my profession, as I am pursuing a degree in Analytics and Finance at the University at Buffalo. The banking community shrinking could mean that jobs in that industry could go away. But on the other end, the expansion of Banking Applications could create more jobs in the technology realm and in financial security. The benefit to the field of computer science would be the influx of jobs that Banking Applications could create. Jobs concerning the maintenance of these applications would be in huge demand as applications such as Apple Pay and Venmo garner more and more use. Jobs regarding security on these applications would also grow simply due to the fact of increasing risk of security breach with the increasing amount of users. Personally, I have already seen the affects that these applications can have on the user’s everyday life. An example I have seen of this has been the use of Apple Pay in grocery stores. As a cashier at a major grocery store, I have noticed that over time, more and more people have used Apple Pay at the register to pay. The reason this is significant is due to the fact that the majority of the users are younger people. Apple Pay is now a far more real event way of paying for a good than using a check. The application Venmo has seen an increase of use among younger people as well. The use of Venmo instead of cash transitions has decreased the amount of times young people physically go into banks. The three biggest questions about these payment applications are 1.) Will these applications become the standard way of payment in the future? 2.) Will there ever be a significant data breach with these major companies that run banking applications? 3.) Will these banking applications reduce the amount of cash that the Federal Reserve needs to generate? In order to become more prepared for this new future of banking, people need to become well versed in technology and finance. These skills could be a necessity in insuring that you do not fall behind the trend and the future of banking.