Paying with Cash Just Became Obsolete. What Are You Going To Do About It?

July 7, 2014 Meghan

Future payment system

While we rarely think of it in this way, the payment system we use every day is among the most widespread and functional examples of an Internet of Things. Mobile payment is a big and growing business, and Payfirma and Coin are two of the companies leading the charge.

 

Established in 2011, Payfirma is a technology company that offers businesses a “multi-channel payment solution”. PayHQ, released in 2013, allows merchants to process in-store, online, and mobile credit-card payments all on the same “low barrier to entry” platform.

However it isn’t just the busy on-the-go entrepreneur that has bought into this savvy system. Service providers like, 1-800-GOT-JUNK and Vancouver Donuterie, Cartems have also seen the value in ditching the old & slow Moneris system in favor of the Payfirma upgrade.

Michael Gokturk founded Payfirma with the goal of providing an easy solution to merge and consolidate payments and help businesses grow. Since opening its doors, Payfirma has grown to handle multi-channel solutions for all credit and debit card payments in-store and online. “No longer are businesses just confined to a little boutique in Gastown,” Gokturk said. “We enable those kinds of businesses to process transactions using one account. Typically, all over the world, they have to piecemeal it if they want multiple channels. We provide them a single solution to handle it all.” Gokturk adds.

Kanishk Parashar of Coin however took a different road. Tackling consumer demand, Kanishk founded Coin, a company looking to simplify the consumer experience. Coin is based on the idea that wallets are (or rather, will become) obsolete. The device Kanishk created is small, sleek, and will replace every card you own.

Coin however has to interface with a magstripe reader. Which is great now, but not if the news that chip and PIN may soon be coming to the US becomes a reality.

Payment made simple and mobile is hardly a new idea. In the 1950s, the idea of a “cashless society” was as much a part of the modern future as the flying car. With companies like PayPal already driving e-commerce to reach new heights, it’s just a matter of time before companies like Coin and Payfirma take their mobile payment systems to the masses. Effectively delivering on the utopian cashless promise we so dearly idolized back in the 50s.

But as Lana Swartz and Bill Maurer point out, everyone has to first invest in the change to make it worthwhile. Which perhaps is the reason why the flying car hasn’t hit stores yet.

Want to learn more about how Payfirma and Coin are revolutionizing the payment systems? Don’t miss Michael Gokturk and Kanishk Parashar when they discuss the future of payments at this year’s GROW Conference. Get your tickets here.

In the meantime, check out this great talk from Brian Zisk about “The Future of Money.

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