© EnterTheFuture.Today
New Money
- CHAPTER 9 -
New Money
New ideas and technologies are creating
...new payments systems and new forms of currencies that will completely change the way we make financial transactions,
And as more people choose (or are forced) to use these new currencies, paper bills and coins may become a thing of the past.
...new payments systems and new forms of currencies that will completely change the way we make financial transactions,
And as more people choose (or are forced) to use these new currencies, paper bills and coins may become a thing of the past.
Possible Benefits
Most new and future payment systems all will provide convenient ways to make financial transactions. Usually only involves a swipe or a couple of clicks.
Cashless option eliminates the need for paper money, which in turneliminates the need fo cut down trees for paper.
Help Deter Illegal Transactions As New Payment Systems Will Record A Persons Transactions.
Digital money is traceable and can be linked back to persons who made transaction.
In a cashless society physical money would be worthless. This would make extreme difficult to for illegal businesses to operate.
Digital money is traceable and can be linked back to persons who made transaction.
In a cashless society physical money would be worthless. This would make extreme difficult to for illegal businesses to operate.
Because paper money and coins flow through numerous peoples hands, it has a high potential of spreading germs.
As pointed out in Time.com “10 Things You Didn't Know About Money"
“Paper money can reportedly carry more germs than a household toilet. And bills are a hospitable environment for gross microbes: viruses and bacteria can live on most surfaces for about 48 hours, but paper money can reportedly transport a live flu virus for up to 17 days."
With cashless transactions there's no money changing hands making it more sanitary.
As pointed out in Time.com “10 Things You Didn't Know About Money"
“Paper money can reportedly carry more germs than a household toilet. And bills are a hospitable environment for gross microbes: viruses and bacteria can live on most surfaces for about 48 hours, but paper money can reportedly transport a live flu virus for up to 17 days."
With cashless transactions there's no money changing hands making it more sanitary.
Eliminating physical cash would reduce store robberies and mugging
Future currencies will be pretty much impossible to counterfeit. as it will be digital. Any new forms of paper money will be embedded with a chip that can be scanned to determine whether or not it’s real or fake.
Cyber thieves remain a constant threat to hacking payment systems,stealing data and funds.
And though future payment systems promise to make transactions more secure and more difficult to hack, there's always the possibility of a cyber thief breaching systems security.
And though future payment systems promise to make transactions more secure and more difficult to hack, there's always the possibility of a cyber thief breaching systems security.
Most new payment systems will store and create records of transactions you make on them.
Because these transactions are associated with you name and profile.
Because these transactions are associated with you name and profile.
Most cashless payment options require the payer and the payee to have a bank account linked to the systems.
But many people who are low income do don't have bank accounts because they are to meet balance requirements to open or maintain one without occurring fees.
A Cashless Society would mean low income people would be forced to open a bank account or be left out the economy
But many people who are low income do don't have bank accounts because they are to meet balance requirements to open or maintain one without occurring fees.
A Cashless Society would mean low income people would be forced to open a bank account or be left out the economy
In a Cashless Society financial transactions will be made using digital currency. This digital currency would exist computers systems, software, and internet connectivity.
But what happens if the system fails. What if the system has a glitch, software gets corrupted, Internet goes down, even worse a major power outage brings down the entire system. If these things happened you would be unable to make payments, purchasesor send or receive funds.
But what happens if the system fails. What if the system has a glitch, software gets corrupted, Internet goes down, even worse a major power outage brings down the entire system. If these things happened you would be unable to make payments, purchasesor send or receive funds.
Concerns & Fears
"I describe Bitcoin as "a digital version of gold, egold."
The young generations have quickly adopted to the new payment methods, and many of them do not know the feeling of holding a real banknote in their hands
In an age defined by technological advance....It feels downright primitive that most of us still walk about with coins jangling in our pockets,
Types of New Money
Mobile In-Store Payments are becoming increasingly popular as more merchants add the payment option
- PayPal
- Stripe
- Amazon Pay
- Apple Pay
- Samsung Pay
- Alipay
Social networks are also planning to introduce the own currencies.
- WeChat Pay
- Libra ( Facebook )
- Snapcash: discontinued
- WhatsApp Pay
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchangewherein individual coin ownership records are stored in a digital ledger or computerized database using strong cryptography to secure transaction record entries, to control the creation of additional digital coin records, and to verify the transfer of coin ownership.[1][2] It typically does not exist in physical form (like paper money) and is typically not issued by a central authority.
(Wikipedia)
Some Cryptocurrencies are:
(Wikipedia)
Some Cryptocurrencies are:
- Bitcoin
- Ripple
- LiteCoin
- Monero
Some companies are testing out payment systems that will allow payment to be made with RFID chip implants. One would need to wave or place their hand in front of RFID reader to make payments.
- Soldiers
- Astronauts
- IRS
This would involve paper money embedded withRFID chips.
“Banks and governments are kind to the idea of using RFID chips to verify authenticity and fight counterfeiting. Police could also track smart money as part of its efforts to how money is being spent.“ says Justin O'Connell
“Banks and governments are kind to the idea of using RFID chips to verify authenticity and fight counterfeiting. Police could also track smart money as part of its efforts to how money is being spent.“ says Justin O'Connell
This new method of payment that is making its presence known is called the "Biometric Payment" system (or "Bio-Payment" in short) which involves using a person's physical features/characteristics to approve a financial transaction – such as their facial feature, finger prints, voice, retina, or blood sample etc.
( Bluebik.com )
( Bluebik.com )
History
1946
1946
- John C. Biggins, a banker introduces the Charg-It Card a new credit payment concept. It was available to Brooklyn neighborhood.
1950
1950
- Frank McNamara introduce the Diners Club charge card. The first universal credit card, which could be used at a variety of establishments.
June 27,1967
June 27,1967
- Barclays Bank, in London, introduces the world's first ATM machine and ATM card
1989
1989
David Chaum launches DigiCash the first cryptocurrency.
1998
1995
1995
- Amazon, is launches and becomes on of the first websites offering online payments.
2011
2011
Company "Tencent" release the "Weixin", a multi-purpose messaging, social media and mobile payment app. Later renamed "WeChat" becomes the world's largest payment app.
2018
2018
Amazon opens 'Amazon Go" in Seattle, WAthe first cashless store in United Stares.
2019
2019
Philadelphia become first city to ban cashless store
January 3, 2009
January 3, 2009
The Bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of bitcoin
Charg-It Card
Bank-issued charge cards originated in 1946 when a Brooklyn banker named John Biggins launched the Charg-It card. Charg-It purchases were forwarded to Biggins' bank, the middleman that reimbursed the merchant and obtained payment from the customer in what came to be known as the "closed-loop" system. Purchases could only be made locally and only bank customers could obtain a Charg-It card.
CreditCard.com
CreditCard.com