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The evidence is mounting: old-fashioned payment methods are quickly going out of style. Consumers in America and worldwide are abandoning credit and debit cards in favor of newer and better payment systems and big companies are responding to shifting consumer preferences by building their own blockchains and digital currencies.

As reported by Mercator Advisory Group, a survey of 3,002 U.S. adults revealed that the number of people who use debit cards has steadily declined since 2011. Back then, 64% of consumers used debit cards for purchases, while that number is down to 54% today and is likely to continue declining.

Courtesy: Value Penguin

The trend is unmistakable: consumers are increasingly opting to bypass traditional payment methods. This is especially prevalent among millennials, who now comprise the biggest demographic age segment. According to a Bankrate.com survey, just one out of three millennials carries a credit card.

Big banks that issue credit and debit cards are feeling the pinch while forward-looking companies are moving into the next generation of payment systems: the blockchain. Sure, there’s Bitcoin, but more and more companies are choosing to create their own branded tokens. Why depend on Bitcoin when you can literally build your own coin from scratch?

Of course, these companies aren’t trying to build their own blockchains without some help. It takes a dedicated team of experts to build out the blockchain infrastructure and make sure that the regulatory compliance is in place. I can easily envision a time when all companies have their own branded digital token – and developing these tokens will be a massively lucrative business.

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We’re already seeing this business grow exponentially, with ICOx Innovations Inc. (TSX.V: ICOX, OTCQB: ICOX) emerging as a leader in building corporate blockchains and digital tokens. They’re already partnering with big clients and disrupting the old-fashioned payment economy with lean, secure, and efficient branded digital currencies.

We’re already seeing this business grow exponentially, with ICOx Innovations Inc. (TSX.V: ICOX, OTCQB: ICOX) emerging as a leader in building corporate blockchains and digital tokens. They’re already partnering with big clients and disrupting the old-fashioned payment economy with lean, secure, and efficient branded digital currencies.

Courtesy: GunBroker.com, FreedomCoin

They sought the assistance of ICOx in developing their own digital currency, FreedomCoin, a regulated cryptocurrency powered by BitRail for merchants that puts the power of payments back into the consumers’ hands.

By enabling inexpensive, instant, and secure payments and money transfers, FreedomCoin allows consumers – including purchasers of firearms – to have access to a trusted cryptocurrency for everyday transactions with impressive ease of use.

Companies like KODAKOne and GunBroker.com are preparing for a future where credit and debit cards are like dinosaurs and cryptocurrency-based payment methods are the norm – and with ICOx providing the expertise and the infrastructure buildout, the blockchain-powered future is already here right now.

Prosperous Regards,

Kenneth Ameduri
Chief Editor, CrushTheStreet.com

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Disclaimer ICOx Innovations Inc. (the “Company”) for Forward-Looking Statements
This article contains forward-looking statements. All statements, other than statements of historical fact that address activities, events or developments that the author believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements in this article include statements regarding: trends in consumer usage of credit and debit cards and other traditional payment methods; consumer preferences blockchain technology and digital currency; the number of companies developing and adopting their own digital currencies; the size and lucrativeness of the digital currency development sector; the growth of the Company; and the benefits of the Company’s products and services to its customers.. The forward-looking statements reflect the author’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements. Although the author believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Factors that could cause actual results or events to differ materially from current expectations include: changes in growth and size of cryptocurrency and blockchain technology market; attitude of corporations toward cryptocurrency and blockchain; business and consumer acceptance and adoption of cryptocurrency as a viable means of payment; the extent to which blockchain technology will be internationally implemented; potential changes for retail transactions involving cryptocurrency; the continued growth and success of FreedomCoin, BitRail and KODAKone; the continued preference of millennials to use app-based payment methods; changes in market conditions and other factors beyond the control of the Company.

 

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