I’ve written a number of times about mCommerce and digital wallets. Now we have loads of companies offering services for electronic payment. These include the Apple Passbook, and many apps using NFC or other means to exchange money. The key thing that joins the hundreds of apps available is that they are legitimately tied to credit cards and banks. As such they provide audit trails and of course tie the world economy together as much as that is possible.
In the future I have postulated that actual paper money will decline and potentially phase out. I could see that happening in New Zealand faster than many other countries. We only have a small number of banks and clearing houses and as such were able to be the first country to mass adopt EFTPOS in the retail environment. Many people no longer carry cash.
However there is of course the grey market and one of the challenges there, is that people who do not want their money transactions audited. There is a global economy like this. People who are paid under the table for their work, people who deal in illegal activities such as drug sales, stolen goods and others. There are also people who just want to opt out of the system or at least flip it the bird. Cash of course can work around the system easily, there is money laundering and people will accept cash for most things as I experienced a few years ago when I watched a guy buying a used Ferrari with folding money he pulled out of his denim jacket pocket.
Much of this money circulates around the system but not through it and this is a challenge if hard cash currency ceased to exist. Or is it.
Yesterday I was on my way to a Microsoft Cloud presentation (which I will blog about on one of my blogs) either SoLoMo Consulting, or Imersia). I was a little early, so I sat in my car and read the latest awesome TNW Magazine on my iPad. Its a great magazine which I recommend you read if this blog is of interest to you, because it is the Money issue. There I learned about Bitcoin.
Bitcoin is “Bitcoin is an experimental new digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. Bitcoin is also the name of the open source software which enables the use of this currency.”
Effectively here is no bank, no fees, no audit trail. There are all sorts of businesses, even retailers, who will accept payment in Bitcoins just as businesses accept payment in other forms of money, such as Bartercard Dollars. The difference again of course is that Bartercard still connects to the banks, has an audit trail and the Governments continue to collect their taxes.
Ultimately my question is, will Governments allow this sort of ”experimental currency” to continue? Can they stop it? It appears to already have a massive following. You can buy a coffee with it, you can play poker with it. There are sites where you can buy and sell Bitcoins such as Mt. Gox and there ar others too, although I noted that one of those has dissapeared and I noted a story there that Barclays had stopped allowing people to trade with them.
So what happens if the authorities stop Bitcoin? (assuming Google or someone else don’t buy them, but Bitcoin does seem to have an anti-establishment feel to it, but it could be all about the money). Well there is also Dwolla, LibertyReserve, and a host of other systems. I suspect that as cheap smartphones gain mass adoption in the blue collar world, there will be more interest and demand for ways to continue to do ‘cash deals’ without cash.
Futurists are talking about the Local-Global Duality with shifting borders and changing geopolitical landscapes. The one thing keeping us together as countries, or pulling us apart is money. Financial institutions and Governments are struggling to maintain a status quo that will keep countries running. As countries grow deeper in debt after the GFC people rush to take their money out of the banks for fear of losing it altogether, which in turn intensifies the crisis.
I’m not saying I agree with currencies like Bitcoin. I still want my roads and infrastructure, order and safety in my community. I believe that one way or another money from illegal activity still works its way back in, like the guy I watched buying a car for over $30,000 in folding. I do suspect however that we will see a proliferation in ‘currencies’ like this in the future. I also suspect that the criminal elements in our societies could be the ones with the most to gain from them, but also that there will be many scams which will be developed to trick people in giving up real money for virtual currency which they will never be able to repatriate. Silly really, when they can legally create computer games and sell virtual stuff and pay tax on legally earned activity with much less risk.
Hey folks and valued readers. It has been a few days since I posted and I just wanted to let you know that there have been some changes in my career, but that I am still around and will continue to share my thoughts and interests in this blog.
After 8 years it was time for a move from Geosmart and I have now joined a relatively new company called Imersia as CCO. Imersia was founded in 2009 by entrepreneurs Dr Roy Davies and Jon Lowther, a couple of very clever guys with ideas about the world we live in and the world we want to live in, similar to mine.
In a nutshell we are working in location based services, mobile, Augmented Reality, proximity based marketing, GPS and more across a wide variety of industries with a local flavour, i.e. the business is based in New Zealand and we would like it to stay that way if possible, but a global focus. Effectively I am walking the talk, I have spent many years consulting and evangelising, I’m still doing that, but also much more on the creating side, at least from a company perspective, I’m not a developer myself.
So stick around, don’t delete your RSS feed because I still have lots of exciting ideas, if I say so myself, about leading the way into the future we want, from a technology perspective, but also about the kind of world we want for our families and future generations, cool toys and business tools as well as a safe and sustainable environment. I am ever the idealist.
New Zealand is full of clever people and I am hoping we can enable more of them to take part in the global stage. I’m keen to see some new names appear in the lists of Kiwi innovators contributing to our GDP and being supported by our Government. I love names like Tait Electronics (I spent 7 happy years working for them), Gallagher Electronics and Fisher & Paykel, but isn’t it time for some new kids on the block?
Watch this space:)
This is a follow on from my previous blogs.
So when you do it all yourself, the first things you start worrying about are whether the bookings you made will be honored. I printed off 2 copies of everything including copies of our passports because there is always the risk that your luggage will not arrive at the same place as you do. I emailed copies to myself as well so I could access them from a variety of sources as well.
Some properties are really good at responding to your requests and others seem to have all the technology but really don’t manage it very well. I once arrived, excited to be at the Pink Flamingo in Las Vegas, booked through a travel agent who through time zones were asleep, when the front desk told me they had no record of my booking and were full with a conference. After a lot of pressure they found me a room for one night and then I was on my own, so I have reason to be cautious. When I booked my first night’s accommodation at the Days Inn at New Orleans Airport using the Booking.com app on my iPad, I requested a quiet room and confirmation that they would pick me up at the airport when I arrived at the airport. I didn’t get confirmation, so I rang them a couple of days before I left. They told me to call from the airport when I arrived. No problem there.
Another thing I would recommend if you are going on a long trip and have kids or family at home you need to stay in touch with, is to arrange free-calling from home to the country you are going to. I have that set up with Orcon already for my music business. Effectively from home anyone can call any number on the USA, including mobiles for up to one hour at a time. We used that a lot.
I also tried a few VOIP / Mobile apps for low-cost communication. The one we used daily was Voxer. They promote their application as a Walkie Talkie and one of its key features is a push to talk function. The nice thing is that the other person doesn’t actually have to be there or respond straight away. It also allows you to send photos and TXT messages without using the mobile phone system, so much cheaper. It was also an easy way to let them know to call us.
One of the things I found when I did my research on how I was going to be able to plan our trip on a daily basis was which properties had applications of their own, such as for Apple devices. In most cases what I found was that a very large number of properties in the hospitality and tourism industry had very nice brochureware applications. They seem to be typically template driven, designed to keep the cost down, but the weakness with most of them was that once the property had set up the application, or paid a developer to do it for them, they forgot all about it and didn’t keep them up to date. This reminded me very much of the tourism industry in general when it comes to web sites. It doesn’t inspire people to visit the property which is surely the reason they pay for them in the first place. I also found that hardly any of them took advantage of the ability to use the GPS in Smartphones and provide directions based on your location.
I suspect that many destinations do not appreciate the number of people using Smartphones and web applications and also the fact that those people are typically at the higher income level and the type of customers they want visiting their business.
One that really impressed me big time was Oak Alley Plantation in Vacherie, Louisiana. Not far from New Orleans. I was keen to enjoy some history about plantation life and slavery and based on their web presence, booked 2 nights in a historic Doctors House, which was restored to original condition, supplemented by a massive spa bath, cable TV and air conditioning.
They have a great website, excellent iPhone and Android applications, which are well worth downloading and trying out even if you don’t go there, because they are excellent examples of getting it right. They also have a Facebook page, are on Pinterest, YouTube and much more. Many of these pages are updated daily and their use of social media and location is matched by their professionalism when you visit. It is little wonder that they do exceptionally good business. Anyone looking at how to grow their destination business could do well to use them as an example.
There are several plantations in the area, but this one is by far the busiest and I am sure it is their use of technology combined with Southern hospitality and attention to detail at all levels that gets random people like me from the other side of the world to visit. If you are in Australia or New Zealand and want to do something similar, we have partners at GeoSmart who can assist, but you do need to understand that setting up applications and pages are the start, not the end. It is not build it and they will come, it is about maintaining it consistently and engaging with people. This will come up again and again during this series of blogs about road trips and FIT tourists and travellers.
Comparison shopping on mobile devices has been around for a long time. I first saw apps pop up for Palm many years ago even before I had Bluetooth connectivity. Today things are even easier because of devices like iPhone and Android.
A couple of weeks ago I was listening to a Harvard Business Review Ideacast podcast with John Donahoe , which was refreshing in itself because John had a refreshingly clear vision and understanding of what eBay is as a business, which is not about selling stuff on eBay. Have a listen for yourself. Any business should understand what it really does in order to be able to do it well. For example if you think a grocery store is there to sell groceries, or a car lot is there to sell cars, then you need to listen to this interview.
Anyway, he was explaining why eBay bought the company Red Laser, which reads bar codes through the camera on your iPhone or Android and lets you see information about the product and compare pricing at both other retailers and websites, such as Amazon and of course their new owner eBay.
This is really exciting, especially in countries like New Zealand where items such as books, which I buy a lot of, are really expensive, so shopping around makes a lot of sense. In that area, I have to say that locally I buy on impulse, when I see something I really want or when its on special. They are just too expensive otherwise. Of course if I had an iPhone or an Android, I could check in real time and see if it is worth buying now or paying the postage from the US.
It was really sad to hear that Borders is likely to file for Bankruptcy this month. They really are my favorite bookstore by far, even though I have complained that in NZ since Whitcoulls bought the local franchise, they are slowly turning them into bigger versions of Whitcoulls which pretty much defeats the purpose, although this situation may vindicate them.
One of the arguments sited for Borders’ woes is their failure to prepare for the growth of the eBook market. This may be true to some degree and it is inevitable that print media will follow the music industry. I’ve blogged about this before, which you can find if you dig into my tags. Print is expensive but there are lots of things that you can do. eBook readers is one, but for Borders I would have thought a great opportunity would be Print On Demand, because this can still be done via the store and allow access to massive stocks without worrying about the costs of shelf space and aged stock.
Whoops, off on a tangent again. I was talking about comparison shopping. Yes there are loads of applications available, I’ve only picked on one. Mashable has a huge number of blogs on this topic if you want to find more.
So have a look at the Red Laser site, to see what what they are all about and watch the short video below from DizzyDougTV to see how cool this is. You don’t need a bar code reader, just the camera on your SmartPhone. Damn I do have to get an iPhone or an Android soon! Maybe I should set up a website with a PayPal (another eBay subsidiary) link called by Luigi a Smartphone:) Would you donate?
Footnote, a lot of people think of Smartphone apps as being the domain of men, but for women who love sales and special deals, this is one for you. I’ll leave the last word to CHIP Chick.
The technology is still being developed, but while friends are arguing the merits of the latest Android mobiles (and iPhone is dropping on the list off desired product for some reason….) other manufacturers are heading towards the computing implants, step by slow step.
I’ve written about haptic suits before, but this could allow us in some cases to bypass this technology.
Interim technologies include the Invisio Pro-M (which can even work up to 20 meters underwater) which military and other emergency services are experimenting with, that conducts speech with excellent noise cancellation through your bones. If you have a spare US$40,000 you can buy your own stick-finger-in-ear phone.
Meanwhile development continues on the path that Bill Gates promised many years ago with Skinput. He said way back that the computer would become a wearable component. This step isn’t elegant, but these are stepping stones.
What mobile brand will you implant in future?