We had a story on our local newscast this evening. They were talking about how cash is eventually going to go away. They were saying how "most" people wouldn't care anyway in this day and age. They had an author on who wrote some book about it....saying how expensive cash is....to print it, haul it to the bank ect.....also talked about how filthy it was...he likened it to passing a used tissue!
They were showing how now a days, you can use your smart phone for just about anything....how someday (maybe now)? you could even use it to pay people like your babysitter or server in a restuarant just by touching your phones together.....transferring the money and all.
It was interesting to say the least....what do you think?
The end of cash??
May 16th, 2012 at 02:15 am
May 16th, 2012 at 02:38 am 1337135909
Not everyone can afford a smart phone and a data package or even wants one so just because it will be possible to do it, doesn't mean people will, at least not right away, especially if the price stays up. And what happens then if your phone is stolen? Or breaks? That's a lot harder to replace than a debit card, especially if you are low on funds.
I also think the black market, mafia types, and the people who pay or get paid under the table will fight against it, because if you have electronic transactions you have tracking and taxes, etc. So I think there'd be big trouble with the criminal element going up against it to the point where we might see congressmen voting for such things threatened or injured if they support such a thing. (Or possibly I've been reading too much science fiction).
Sorry, I think my comment is longer than your actual post!
May 16th, 2012 at 12:56 pm 1337172969
One thing I have always said is that I think "cash to plastic" may be a huge adjustment to some, but to me "plastic" has never been a big deal because I have always paid using checks, plastic, etc. That's just how my parents taught me to handle money. I don't look at "cash" ANY different than I do my credit card. I only buy things I have cash in the bank to cover.
If we teach our kids the same, I don't think they will have the same "Adjustment" problems in a cashless society. Money is money - does it really matter what it looks like?