Cash to Become Extinct as Chips Take Off
June 18th, 2009Via: News AU:
CASH is accelerating down the path to extinction as new technologies threaten to mark the end of loose change within a decade.
Bank and credit union bosses say cash won’t be alone, with wallets and credit cards also likely to disappear too.
They told The Advertiser’s round table forum that cash and cards will be replaced by computer chips embedded in mobile phones, watches or other portable devices.
Australian Central chief executive Peter Evers believes cash will be replaced for most transactions in five-to-seven years.
“Cash will disappear as there will be other forms of carrying cash, stored value in your phone or whatever it might be. It will transfer automatically,” he said.
“We’re very close in countries around the world. If you go in to Hong Kong or Singapore, the low-value transactions have already disappeared. You can’t go anywhere, like on public transport, without pre-purchasing a card.
Nice omission of that other “mobile device” in which to embed chips: the human body.
Cash – i.e. dollars, pounds and the like will disappear to be replaced by …
Eggs, tobacco, hooch, chickens, etc.
You have to feel sorry for these guys, but hope springs eternal.
Ah well, back to the garden and the still!
AHuxley, https://cryptogon.com/?p=9235
“As an atheist all I can do is quote Kent Brockman in the Simpsons (1F03 Marge on the Lam): “It’s in “Revelations”, people!””
I somehow have the feeling that it will still be kept around; too many businesses need it to dodge their tax liabilities; too many organizations and entities have come to depend on it to pad their budgets with funny money. And let’s not forget the entire industries devoted to the manufacture, maintenance, and infrastructural support of cash.
Eggs, tobacco, hooch, chickens, etc.
Make sure you include coffee under that “etc.,” James D. It stores well. It’s hard to find sales on coffee anymore, but Wal-Mart’s “generic” brand goes for a little better than $6/can.
PoLT is now prepared to endure the shame, disgrace, and humiliation heaped upon him by fellow bloggers for admitting that he shops at Wal-Mart. (I gots to; Aldi’s doesn’t carry “Columbian” style.)