I found this very interesting article from Wired.com called The Future of Money. Everyone has probably used PayPal at some time to purchase goods over the Internet. PayPal has opened their programming code up to the public and now many other companies are developing programs to allow people to transfer money in new ways. Someday people will no longer carry around cash and credit cards. They will be able to use their phones and mobile devices to pay for everything.
http://www.wired.com/magazine/2010/02/ff_futureofmoney/
4 comments:
It's happening already, you can buy coffee at Starbucks with your I phone, and kids in china are buying cokes out of the machine with their phones. Paypal is a great way to get paid when I sell something on Ebay, but their fees are pretty high. Ouch.
I remember seeing something similar before with people carrying a card with them that would just get scanned upon leaving and fees for whatever the person took with them from the store would be charged to their account. It is kind of strange to think about since it means no more change and no more paper money if successfully implemented.
I like this idea to a point but this is the future of money and I believe it. Before people never carried cash just credit cards now people will buy items with there phone. I think this is crazy and it does have its goods/bads with it.If you lose your phone and have no cash you are out of luck, and if you have no cash or credit card on you just use your phone.
Great post. This is the way transactions are going. Already you can pay for certain items such as Starbucks coffee. But this requires their “app”. Soon there will be virtual bank apps that will allow for paying from your “phone” directly to a store register. It is now happening on a small scale in Japan and Taiwan, where you can purchase items from vending machines with your smartphone. One day people will use digital money for everything. It will be interesting to see if paper money will still exist and if people will accept it.
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