JOHN GLOVER: Hello and welcome to another Pendragon Straight Talk. This week’s question is quite close to my heart because its talking about the future. So, someone asked me what are my thoughts on international payments and in particular pay-rolling a team globally.
As I said, it’s a subject that’s close to my heart. Last year I released a book called the ‘New World of Work’. This is all about the future of work and how payments will be made and how employees will be employed.
In the book, my research mentioned things like Blockchain and global currencies such as Bitcoin, that are not just emerging, but they are here, and people are using them, so I see in the future you will be able to pay anyone anywhere within an hour.
Why do I say within an hour? Well actually this can be done now, you can actually pay someone from one currency to another currency in the world within an hour.
I actually moved some Australian dollars just recently to my sister in the UK, British pounds. I used a company called TransferWise and through them I had the money moved from my account, so it went out of my account and one hour later my sister could draw the cash.
I have no shares or affiliation with TransferWise, I just see this as becoming the norm in the future where someone just presses a button on their phone and your mate or business colleague or employee in another country receives the funds in the local currency and not going through a bank.
If you look at TransferWise and some of the other companies like that what they are doing globally with this currency, the currency model, I think you will be shocked how quickly and how quickly this is going to be the norm and how cost effective it is going to become.
This all links back to another thing in my ‘New World of Work’ which is instant pay, my concept of a contract being paid instantly. So, on a Friday night, when he finishes his week and he fills in his timesheet, he then presses the button, the company he works for then presses the button to accept that he has done those hours and at that moment he instantly gets paid his money into his account directly, either directly the full account if he is under an invoice or if he is through a payroll system then he would be paid his net and the taxes are paid etc.
So, what are my overall thoughts? Paying people anywhere in the world in any currency for work being completed locally or any other part of the world will become the norm, just like its normal to have a mobile phone at one’s hands now, and in fact some people would rather leave their wallet at home and carry their mobile phones these days.
That’s my thoughts for this week, I look forward to talking to you next week.
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