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We come across dozens of design breakthroughs and technological innovations daily--so many that it's easy to miss important trends emerging in the chaos all around us and not connect the dots to see the BIG picture. Here at The Institute for Customer Experience (ICE), we understand the business and design value of capturing the right trend insights at the right moment. We observe and analyse trends in design, technology, and business, and keep our fingers on the pulse of the global zeitgeist. In this series of trendbriefs, we bring you alerts on what's trending in our world and their possible impact on our future. Subscription to ICE Breakers - http://eepurl.com/S1ZFL View Archived ICE Breakers - http://ice.humanfactors.com/ice_breakers.html
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Magic Money The Changing Face of Money
4“We are moving away from the depersonalized world of institutional production toward a new economy built on social connections and rewards.”(Marina Gorbis, The Nature of the Future : Dispatches fromthe Socialstructed World)
“Consumers will have the power to sell,exchange or barter their data in return for products and services of equal worth.”
Do you think that the future of money is just virtual currencies like Bitcoin growing in popularity? Many more alternatives to money are emerging. It could be anything ranging from your data, talent, merit to social status.
“The Reputation Currency is Coming - Are you Prepared?” (Forbes February 2011)Read more on Reputation Currencies: http://www.slideshare.net/UXTrendspotting/reputation-currencies
In the connected future we may be able to quantify each and every activity of ours and it can be used as currency. We might be able to pay bills using our good behavior! The future, along with its uncertainties, might bring some exciting opportunities and hopefully some magic money!
The Merit Shop: Pay using your Talent
Daisy Marc Jacobs Tweet StorePay using Twitter Hashtags
American fashion designer Marc Jacobs conceptualized a pop-up store in Soho during the New York Fashion Week. The ‘Daisy Marc Jacobs Tweet Store’accepts ‘social currency’ in the form of the hashtag #MJDaisyChain. Customers
can make payments by posting the hashtag on social networks.
IMPACT ON UX
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The changing face of money will have an impact on how people percieve transactions.- Research shows that people tend to cheat more in a cashless society. How will payment and transaction systems change to accommodate increased dishonesty?[http://www.dnaindia.com/money/interview-people-tend-to-cheat-more-in-a-cashless-society-dan-ariely-1718422]
- When money is not directly involved people are more motivated to work. Can UX strageies around alternate currencies help employees become more motivated at work by paying them in alternate currencies? [http://news.rapgenius.com/Dan-ariely-what-makes-us-feel-good-about-our-work-annotated]
Payment gateways will have to deal with many new forms and formats of money. How will reputation currencies work through payment gateways, as they exist today?
It is likely that many alternate currencies will exist. How then will users experience the currency exchanges?
(Gartner, December 2013)
San Francisco-based designers Daniel Soares and Pedro Sampaio launched ‘The Merit Shop’. It is an online store that accepts payment for items in the form of video submissions showing a particular talent. To purchase an item, shoppers must record a YouTube or Instagram video of themselves ‘doing something awesome’, and upload the link to the site.
