Wednesday, April 18, 2012

Cashless Society Coming Next.

      We've had  vague knowledge a way back in our head that someday we might not have any cash in circulation as we have today. I recently listened to a documentary and was surprised at how soon it may be that we do not have cash in circulation any longer. 

     In my last post I wrote about the penny being discarded in our cash. Many comments were on the sentimental value of the penny. However all commenters could see the practical reasons for getting rid of the penny. Other comments could look ahead to the loss of the nickel

     It was a few days after these comments that I discovered the reality of a whole country without cash. This may be coming sooner than we think. Most of us have cell phones and are connected to the Internet.

     There is now technology developed that would allow us to do business with out cash. We would have a chip on our cell phone. This chip would communicate with the chip in our bank card which is in our pocket. We would simply key in the price of the total of the items we are purchasing and away we go. The Canadian mint is assessing one system now. 

     Sweden is much further advanced in going cashless. They have a cashless system in place. However, cash is still in circulation. About 90% of Swedes go cashless. There are a few people for whatever reasons still want to use cash.

    One must look behind and wonder when we started using cash. What did we use before cash? 

    So I guess quite soon we will be able to say, "Have chip. Will shop."