Kasey Cassells (Global) - The Future of Money

Kasey Cassells (Global) - The Future of Money

They say that money makes the world go around - but thanks to technological advances, currency as we know it is changing. Although we’ve been able to use ‘virtual’ money in place of cash for many years (by using debit and credit cards, online payments and even checks), technology is constantly emerging that could change the face of currency even further.

In the quest for ‘frictionless’ payments, several new technologies have emerged in recent years that aim to make your money more accessible and manageable than ever – all without any cash ever changing hands.

The latest offering to hit the headlines is Pingit, a mobile app from British bank Barclays which allows users to send and receive money from their bank accounts instantly using just their phone number. It seems like such a simple solution, it’s a wonder it wasn’t available before. It looks like other banks will follow suit, making mobile payments easier than ever.

This is just one of many solutions that have emerged to meet the popularity of mobility today. Most mainstream banks now have mobile banking capabilities, allowing customers to check their accounts and make transfers from wherever they may be.

Taking the idea one step further is near field communication (NFC) in mobile handsets. This technology, when used with an application like Google Wallet, allows the user to simply swipe their phone to pay for goods at specially fitted pay points.

But the future isn’t focused solely on mobility. We’ve been making transactions online for years now, usually entering our credit or debit card details at the online checkout. However, in 2009 a new type of online currency called Bitcoin emerged. Bitcoin aims to help you store and transfer money safely, cheaply and quickly anywhere in the world yourself, without relying on anyone else.

So could these emerging technologies spell the end of physical cash in the near future?

Despite the potential to do so, credit and debit cards didn’t manage to push cash out of circulation. Although only 3% of global money supply is in notes and coins, most people feel more comfortable handling physical money, and for most it’s a force of habit.

There are also concerns about security and fraud. Money is the asset we all want to protect the most, and when it comes to introducing an unfamiliar way of managing it, we can be wary – no matter how many security measures are put in place.

However, these were concerns that many people had about credit and debit cards in the early days and, despite some security flaws, they have still become part of everyday life alongside cash. So maybe in the near future we’ll all be paying online with virtual money and swiping our mobiles at fast food drive throughs, but for now most of us still feel more comfortable with a pocket full of metal discs and decorated paper.

Do you think cash will become obsolete in the future? Leave a comment below to let us know your thoughts.

By Kasey Cassells, e-Content Writer, IDG Connect

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Comments

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Steve on March 16 2012

The way we view money has been changing for a while. It wasn’t that long ago that people were afraid to use credit cards online. Now people have whole virtual bank accounts with no physical records. These developments seem like the natural next step.

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Mike on March 16 2012

Bitcoin is undoubtedly ingenious and provides the ultimate privacy (after cash that is) and at the same time cannot be stolen as easily as cash can, however it's not backed by anything of value (paper money is backed by government force). In my opinion what the world sorely needs is the privacy of bitcoin backed by physical gold or perhaps a basket of metals / goods. Failing that, then a widely recognizable miniature gold coin of value appropriate for making everyday transactions. Such a microcoin (with a gold content of saying 1 $) can be minted with todays technologies I am sure. The mint could also provide specialized handheld equipment costing say 50 $ to verify the content of its micro-coins.

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Matthew on March 16 2012

Money or currency is a kind of information. The information exists with media carrying it on, either for storing or transmitting. The media has been changed many times, since the currency invention.

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Onno on March 16 2012

Bitcoin is interesting indeed. Owned by everyone and by no one, so it can not be manipulated or abused by governments and (central) banks. FYI, in our current money system banks and governments work together to collect and spend tax income of future generations, far into the future. Also tax income of future generations of other countries in case of Europe. This is the debt ridden world we live in. Bitcoins dont have to backed by gold! They don't need backing. They have intrinsic value similar to gold. Bitcoins are a scarse resource by design. Similar to gold Bitcoins are 'mined'. In case of Bitcoins mining is done using CPU cycles. Chances of Bitcoins making it are slim however. Would you give up the privilege to print money? To create money out of thin air? No without a fight I think. Most likely Bitcoins will be outlawed when they become serious competition for other currencies. A world that uses bitcoins does not need central banks or large banks. And in such a world governments cannot spend future tax income. ICT and Bitcoins can end money slavery but this requires a revolution.

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Firozali A.Mulla DBA on March 16 2012

If the Government infers in our work we will never grow Honest, we always say the politicians work for the people, with the people, side by side and there is not any kind of restriction on the user provided he abides by the law, not misusing the law. . However if the Raj intervenes in our keying then we will leave these and may have to go to the DMP and VISICALC time. At least the time all trusted all, there was love and understanding. I thank you Firozali A.Mulla DBA

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Wolverine on April 05 2012

Money must go, it must as technology and communication is changing how the world trades. The smart phone is better than a credit card because its a GPS, a tool, it communicates, it socializes, entertains and it does business in buying and selling transactions. Soon it will be your passport to other countries and if you keep losing it will be imbedded under your skin. Technology now can be hard wired to our visual to feed augmented reality images to our visual nerves, Sound too. How cool and convenient would that be. No more losing cash, stolen phones, mp3 player,credit cards,gps, passports etc.. Each person will be a walking IP address. If you don't have an IP address then you are anonymous, and will be named terrorist!! Rev 13:16 And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: Rev 13:17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.

no-images

Steve on March 16 2012

The way we view money has been changing for a while. It wasn’t that long ago that people were afraid to use credit cards online. Now people have whole virtual bank accounts with no physical records. These developments seem like the natural next step.

no-images

Mike on March 16 2012

Bitcoin is undoubtedly ingenious and provides the ultimate privacy (after cash that is) and at the same time cannot be stolen as easily as cash can, however it's not backed by anything of value (paper money is backed by government force). In my opinion what the world sorely needs is the privacy of bitcoin backed by physical gold or perhaps a basket of metals / goods. Failing that, then a widely recognizable miniature gold coin of value appropriate for making everyday transactions. Such a microcoin (with a gold content of saying 1 $) can be minted with todays technologies I am sure. The mint could also provide specialized handheld equipment costing say 50 $ to verify the content of its micro-coins.

no-images

Matthew on March 16 2012

Money or currency is a kind of information. The information exists with media carrying it on, either for storing or transmitting. The media has been changed many times, since the currency invention.

no-images

Onno on March 16 2012

Bitcoin is interesting indeed. Owned by everyone and by no one, so it can not be manipulated or abused by governments and (central) banks. FYI, in our current money system banks and governments work together to collect and spend tax income of future generations, far into the future. Also tax income of future generations of other countries in case of Europe. This is the debt ridden world we live in. Bitcoins dont have to backed by gold! They don't need backing. They have intrinsic value similar to gold. Bitcoins are a scarse resource by design. Similar to gold Bitcoins are 'mined'. In case of Bitcoins mining is done using CPU cycles. Chances of Bitcoins making it are slim however. Would you give up the privilege to print money? To create money out of thin air? No without a fight I think. Most likely Bitcoins will be outlawed when they become serious competition for other currencies. A world that uses bitcoins does not need central banks or large banks. And in such a world governments cannot spend future tax income. ICT and Bitcoins can end money slavery but this requires a revolution.

no-images

Firozali A.Mulla DBA on March 16 2012

If the Government infers in our work we will never grow Honest, we always say the politicians work for the people, with the people, side by side and there is not any kind of restriction on the user provided he abides by the law, not misusing the law. . However if the Raj intervenes in our keying then we will leave these and may have to go to the DMP and VISICALC time. At least the time all trusted all, there was love and understanding. I thank you Firozali A.Mulla DBA

no-images

Wolverine on April 05 2012

Money must go, it must as technology and communication is changing how the world trades. The smart phone is better than a credit card because its a GPS, a tool, it communicates, it socializes, entertains and it does business in buying and selling transactions. Soon it will be your passport to other countries and if you keep losing it will be imbedded under your skin. Technology now can be hard wired to our visual to feed augmented reality images to our visual nerves, Sound too. How cool and convenient would that be. No more losing cash, stolen phones, mp3 player,credit cards,gps, passports etc.. Each person will be a walking IP address. If you don't have an IP address then you are anonymous, and will be named terrorist!! Rev 13:16 And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: Rev 13:17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.

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