Talking Technology the End of Cash
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by: Guest
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This article is about the revolution of currency. From the very beginning the money has adopted many shapes and in present times we can see it in the digital form.
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Money began its life as clay tokens and scraps of silver and gold in the ancient cities of Mesopotamia. We've come a long way since 2,500 BC and cold hard cash is increasingly being replaced by less tangible currencies,hence the rise of the 'contractiess' payment system and mobile commerce (m-commerce). m-commerce started with wireless POS (Point of Sale) swipe terminals but it has quickly made its way into mobile phones and PDA's (Personal Digital Assistants), as it offers some advantages over more traditional payment methods. There is no need for a phone jack or an electric outlet, so it can be more flexible, and the commercial applications of wireless payment systems are increasing.
In Asia, people have been able to use their mobile phones like debit or credit cards for some years, using e-money to pay for groceries or to pick up the tab in restaurants, and the trend is now spreading to other regions. In 2006, eBay company PayPal introduced an SMS-based service, allowing consumers to use their mobile to send money to businesses,charities or even to a friend's phone or e-mail account. At the moment, this not supported by all telecom providers,and is possible only in the US and Canada, but it is only a matter of time before availability is as widespread as the online PayPal service.
Systems such as Mobillcash also allow people to use their mobile phone to make payments on the internet without a credit or debit card,by having the payment charged to their mobile phone bill. The payment method doesn't need a credit card or require customers to provide their financial details online,so businesses can reach customers without cards, or those who are uncomfortable using their cards online.
Not all m-commerce applications use the same technology or take the same approach to payments,but standards are being developed,such as NFT,(Near Field Technology). This is being used for a number of m-payment applications or trials. Londoners have been using the NFT-based Oyster card to pay their tube fares for a couple of years, while commuters in the German city of Hanau are using their mobiles to pay for public transport,and as a loyalty card in local leisure facilities.
By placing an NFT chip near a reader, data can be transmitted to and from the chip,so the possible applications go way beyond making payments. Witness the French city of Caen, where citizens are trialling an NFT system that enables them to pay for services and receive information straight to their phones. The applications include making payments in an underground car park, the town hall, and a supermarket, plus a bus stop which can transmit timetable information, a cinema poster which downloads video trailers to users' mobiles, and a sign that delivers tourist information via SMS messages and phone calls.
With developments like these it's hard to predict how many of us will still be carrying cash in four or five years time, but 4,500 years from now, money will probably seem as quaint as clay tokens.
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