JWT Acknowledges Bitcoin as Future Payment System

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JWT Acknowledges Bitcoin as Future Payment Scheme

ForexMinute.com – Recognized marketing communication brand, J. Walter Thompson (JWT) recently acknowledged the potential role of Bitcoin as a future payment scheme. The analysis was a part of a full-fledged trend report, titled ‘The Future of Payment and Currency’, which thoroughly discussed the array of new ways to trade money.

It is the first time when a world renowned marketing brand like JWT has openly spoken about the potential of cryptocurrency trades in the future market. The 150-year old, New-York-based company has been a marketing guru for many of the reputed brands like Nike, Nestle, Canon and others. Their market analysis is considered second-to-none which, in a way, works well in case of Bitcoin as well. JWT’s new report outlines a multitude of broad trends, drawn neatly into multiple sections like New Ways to Pay, New Forms of Value Exchange, New Payment Players, etc. Each section directly/indirectly refers to the revolution Bitcoin has brought to the ecommerce industry.

“The case against cash and physical cards is getting stronger, with Millennials already moving away from the status quo and adopting some alternative ideas,” writes JWT’s trends strategist Nick Ayala, author of the report. “With today’s technology, it doesn’t make sense that we mostly still rely on cash, debit and credit cards to pay for things.”

Ayala’s analysis is hugely based on the consumer behavior expected from the current/future internet generation, which he referred to as ‘Millennials’ in the quote above. According to him, they are more likely to show interest in using the alternative forms of payments, mainly like mobile and social media payment methods. Lucie Greene, worldwide director of JWT Intelligence, further adds:

“Our whole idea of value, exchange and currency is being disrupted with new systems that trade in trust, social currency and other commodities. People are finding new ways to trade, and brands are enabling this by creating alternative payment and currency systems.”

And it is indeed correct, tells the revenue report of a few leading retailers that stated to accept Bitcoin as a mode of payment. Overstock.COM CEO Patrick Byrne has once agreed that Bitcoin has added a 4-cent value to each of their share, later predicting the total Bitcoin sales to cross the $6 million mark by the end of 2014. Companies like Dell and Expedia also recently integrated Bitcoin in their respective payment platforms, and later reported decent outcomes from the US market.

According to CoinDesk.COM, over 63,000 merchants all across the world are accepting Bitcoin. The figure might cross the 100,000 mark by the end of this year.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com