The world is looking for a payment solution that is quick, easy to use, inexpensive and that cuts out unnecessary middlemen.

We live in exciting times

The world is looking for a payment solution that is quick, easy to use, inexpensive and that cuts out unnecessary middlemen and 2020 has seen digital currencies such as Bitcoin pushed into the limelight like never before.

Cashless transactions have increased massively since Coronavirus turned the world on its head and, more than ever, people are questioning whether the days of coins and bank notes are numbered.

At Zumo, we believe that the future of money should be seamless, affordable and should know no boundaries. Our mission is to make the benefits of digital currencies and blockchain technology available to people worldwide.

Our motto is “Smart Money For Everyone.”

But what even is smart money?

Well, before we answer that question and get into what the future of money holds, let’s take a quick look back into the history books.

A brief history of money

From bartering with grain and cows as neolithic farmers, to paying for everyday items with debit cards as thin as a piece of cardboard, we‘ve been exchanging goods and services for thousands of years. We have explored the evolution of money before; The timeline below illustrates where it all started and where we stand today.

Barter to Bitcoin: A timeline

  • 9000 B.C. — People barter goods they have in exchange for those they lack
  • 600 B.C. — The first official currency is minted in the Kingdom of Lydia
  • 960 A.D. — Jiao Zi, the earliest paper currency in the world, emerges out of China
  • 1250 A.D. — The Florin is used by traders in Europe
  • 1946 — John Biggins invents the first credit card in the USA
  • 1967 — The first ever ATM machine is installed in the UK
  • 2007 — Barclaycard introduces contactless payment cards
  • 2009 — Bitcoin becomes the world’s first cryptocurrency

The devolution of banking

As the need for simple, secure, affordable and rapid cross border payments has increased throughout the years, banking systems have moved with the tide, but antiquated architecture still props up the traditional financial system.

Where did banking start?

The modern banking industry was born in Italy during the Middle Ages and the English word “bank” actually derives from the Italian term banco or banca.

Back then, the word Banco in Italian translated into the word bench. From the bench and counter where money was exchanged, the word eventually came to describe the banking institution itself.

Throughout the 1900s, various pioneering technologies improved how the world spent its money. Alongside all of this innovation, the main issue has persisted: traditional money continues to be centralised, under the control of financial institutions.

For years, banking has been under the control of a select few giant financial institutions and as we’ve seen in the past, when things take a turn for the worse, the power to take control of our finances is not in the hands of the many, but of the few.

In 2008, an anonymous entity known only as “Satoshi Nakamoto” released the Bitcoin whitepaper, which introduced the idea of decentralised digital currencies as an alternative to government-backed traditional money.

By removing the influence of central banks and governments, Bitcoin offered the world the opportunity to take the control of money away from institutions and give it back to the people.

Moving into the future of money, Bitcoin by Bitcoin

Fast forward to today and not only is the world beginning to understand Satoshi’s visionary proposal made 12 years ago, even central banks are considering their own digital currencies to complement physical cash as the global economy becomes increasingly digital.

Even PayPal, the global payments provider we have all used at one time or another to buy from eBay or our favourite online shopping site, recently announced plans to make cryptocurrencies a “funding source” for its 346 million accounts globally.

It looks like cryptocurrencies are here to stay.

Enter: Smart money

The Zumo team came together with a combined passion for making the benefits of cryptocurrencies and blockchain available to everyone. Simply put, we have made it our mission to help to create a borderless, inclusive financial system that gives people around the world control of their money.

For years, banks and financial institutions have acted as middlemen, taking fees and often risking the public’s money as they do so. At any time your funds can be frozen or, even worse, lost forever and although you may think your money is “safe” in a traditional bank, you never truly own your cash.

Whilst many current digital wallets solutions retain access to your funds, Zumo does not. The Zumo wallet enables you to buy, sell, store, spend and send both cryptocurrencies and traditional money, all whilst keeping complete control of your money. Your funds stay yours, safe inside your Zumo wallet.

The world is changing and as we move forward into an age teeming with new technologies, financial scams have unfortunately also grown. Phishing emails, identity fraud and social media hacks can all constitute a threat to your personal info and this extends to online banking.

By using the Zumo wallet, not only are you making the decision to join a future within which everyone takes back control of their money — you can also feel safe in the knowledge that your funds are safe, protected by the latest encryption and the highest level of security.

So, why is Zumo Smart Money? Because we offer you the opportunity to truly own your funds.

Now, you decide what happens with your money, not the banks.