Initiative Q: the currency of the future

More than two million people in 180 countries have signed up to the Initiative Q, a new platform set to create a digital currency.

Initiative Q initially went out to a small group of people over 5 months ago. Then over the past few weeks, the invites to sign up had reached the masses. But what is it? Why is it different? And what does it mean for the future of fintech?

What is Initiative Q?

Initiative Q is a new currency which hopes to be the ultimate payment system of the future. The creators have said that they will achieve this by “integrating the best technological improvements that have been made in the payment industry over the last few decades to create a flexible, easy-to-use and inexpensive payment network.”

Why is it different to any other payment method?

Based on the idea that it will surpass other payment methods and eventually be the preferred way to make transactions, initiative Q is excepted to make a huge impact for retailers.

Over the next few years, the creators will launch a Q app which will revolutionise how we pay for goods and services. Shoppers will be able to enter a store, scan the barcode of the items they want with your phone camera and simply walk out. When dining out at your favourite restaurant, you will be able to pay on your phone without asking for the bill.

The difference between Initiative Q and cryptocurrency?

‘Q’ is not a cryptocurrency and will work differently to bitcoin and altcoin. It’s a private currency which hopes to become a completely new payment method. Q will use professional monetary policies like what the British pound and US dollar conform to instead of predetermined policies that bitcoin abides by.

How long to go before this technology is accessible?

No one can say for sure, not even Initiative Q understands it. But they have created this timeline that outlines their plans. We think that it will still be a couple of more years before people really begin to see it as a replacement for credit cards and paper money; just like any new piece of tech, it will take time for most people to use it.

What does this mean for the future of fintech?

Q leaves many questions unanswered in terms of how this could impact financial tech. Previously this year we’ve seen a number of new tech come onto the market such as digital tax, AI being used for making risky decisions and more advanced online banking.

The key issue that the finance sector is facing is cyber hacks. With a number of new technologies like online banking and internet pay systems increasing the chance of cyber hacks. Will Initiative Q raise more cyber issues for its customers?

 

 

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