Two Stocks To Invest In For A Cashless Society

Who could have foreseen how innovations in technology would change the world? Who could have imagined that the internet, or even email, would be so widespread and useful? If someone did, they are a very lucky person indeed.

The fact is, you never thought of yourself as being special. You just wanted to make your life easier by keeping up with the latest trends and technologies.

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Looking ahead to the next 50 years, new inventions will undoubtedly come out, but it won’t necessarily mean more for you.

At the same time, many of the top companies of today will still be around in the next half century. Some of them might even be bigger than they are now.

Here are two such companies that you’d like to see succeed:

1) Visa Inc. (NYSE:V)

Visa is benefiting from the ever-increasing popularity of electronic payments. The company has been able to capitalize on this trend by offering its customers a wide variety of products and services. The COVID-19 pandemic has accelerated the growth in the use of cashless payments. In 2019, e-commerce accounted for over 14% of all retail sales made online. This trend is expected to continue leading up to the next extreme (and necessary) stage: a cashless society. This is all good news for Visa, as the company’s total payment volume is on recovery track from its COVID-19 setback.

Visa is the market leader in electronic payment services, which really only has a handful of competitors, all of which are much smaller than the company. None of these other companies have a hope of challenging Visa’s market dominance.

Plus, Visa made a key strategic acquisition in the form of Plaid this year, which will provide it with even greater market reach and profitability. With technological innovation continuing at a breakneck pace, you can’t help but be optimistic for this stock in the years to come.

2) Square, Inc. (NYSE:SQ)

You no longer have to deal with the hassles of operating a business. Administrators can easily expand their companies’ brand to different market segments, with the help of a simple yet powerful credit card reader.

The novel coronavirus has changed the way people pay for stuff. The majority of people now prefer to pay with their cards or contactless payments systems. This has caused a shift in the demand for the POS devices that this company makes.

Its Cash App business is also doing well, and has seen a massive increase in downloads since the virus outbreak. This is good news for the company, as it’s proving to be very popular.

Square’s revenue from Bitcoin sales reached $875 million in the second quarter, making it the big revenue driver for the company. The stock is up over 140% since the start of the year and still fairly expensive, but not unreasonable considering its growth prospects.

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