Thursday, May 5, 2016

The technology storm is arriving!

We all are accustomed to a regular use of technology instruments. We like it when with the minimum of effort, we are able to extract the maximum amount of output. Try asking the professionals active through the 1980s and 90s about the effort it would take just to make phone calls and receive fax messages! One had to put aside work, and focus and destroy one's energy on contacting people and getting others to prepare documents (and then the copies!). Things very pretty slow. Compared to today, work-efficiencies were not even 10%. Then came the storm called the internet. In just a decade, this storm simplified certain basic complications related to getting work done to such an extent that professionals and entrepreneurs could now focus their energies on more constructive and positive aspects of new work. The quality of life and work rose significantly. Then the arrival of social media made us feel that life without it would not even have been one. We modern humans totally accustomed to smartphones now believe that technology is now at its peak. But, the real storm is yet to arrive. Over the next 10 to 20 years, five major changes will become a part of our lives, which few have even imagined or thought about, today.

RuPay, NPCI, Electronic money, virtual currency, technology, India, Brightsparks blog, Sandeep Manudhane, SM, Indore
Times are changing!
Change 1. Money becoming invisible. The generations to come will wonder about their ancestors who carried physical money (notes, coins) in their wallets. This is now nearing its end. The coming days belong to virtual money. You will be making payments through just one card to anyone - including the vegetable vendor! If all businesses have the type of machines (that take such electronic payments), it would be quite possible. Work already has commenced. India has evolved its own payment system frameworks, and its own payment card too has arrived (the RuPay card). It is obvious that the government will slowly evolve rules and regulations to minimise and eliminate the physical transaction of currency. The benefits are many - instant accounting, a check on black money, procedural ease, ease of transferring subsidies (first to the bank account and then to the cards), etc. Hence, all these things, in an invisible form, will reside inside the card!