Consumers fuelling currency innovations

With Sweden announcing its serious consideration of introducing an online-only currency (called “eKrona”) alongside the already existing Krona in the next two years, it seems a cashless society may be beginning. Drastic falls in the use of actual cash (a drop of 32% in Australia since 2007) has coincided with the rise of Cryptocurrencies worldwide, the most famous of these being Bitcoin – which has spiked in value 340% this year alone.

Our take

With companies like Expedia, Microsoft & Paypal accepting Bitcoin, this is another example of consumers embracing a new spin on traditional business models. Just as Uber and AirBnB have redefined the taxi and travel industry, transactions facilitated through digital currencies are affecting the value of gold and the importance of banks – both historical institutions of stability. Brands need to be aware of this “appetite for disruption” that the public have, and continue to innovate and push themselves to evolve in a way that meets the needs of their consumers first.

Ryan Varley

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