TransferWise, a London-based startup, developed and launched a new money transfer service for Facebook Messenger that allows users to send money internationally. TransferWise can exchange international currencies which allows users to use the service wherever they are as long as they are connected to the internet. TransferWise has developed an application programming interface (API), enabling their payment service to latch onto existing businesses capabilities, removing the need for banks and additional fees. TransferWise is currently available in the United Kingdom, United States, Australia, and Europe. TransferWise is also expected to expand to 50 other countries as well. TransferWise is valued at more than $1 billion and backed by many high profile investors.
I think TransferWise is changing the landscape of the digital payment industry as the payment industry moves towards digitalization. TransferWise is very promising because millions of people use Facebook Messenger on a daily basis so integrating a free money transfer system can attract many users to use the service. As companies like TransferWise, Venmo, Apple Pay, etc. are making mobile money transfer and payments easier than ever before, I think in the near future, we’ll see less and less bills and coins circulating as more people and companies adopt different forms of digital payment.
Source:
http://www.cnbc.com/2017/02/21/how-transferwises-facebook-hook-up-could-benefit-businesses.html
https://www.nytimes.com/reuters/2017/02/21/business/21reuters-transferwise-facebook.html
With increased popularity of e-wallets and similar technologies, I think you are right on point when stating that there will be exponentially less currency notes in circulation in the future. This change will be of such a large structural magnitude, I can only imagine associated regulatory challenges.