Monday, November 16, 2009

Cash to become extinct as chips take off

This article in the technology section of an Australian news website gives a clear indication as to where things are going in the world of finance.

"Cash will disappear as there will be other forms of carrying cash, stored value in your phone or whatever it might be. It will transfer automatically,"

BankSA general manager strategy and operations Chris Ward expects Australia to follow the offshore lead, with small cash transactions disappearing first.

"So you can't go and buy a bottle of water from the deli with cash; you've got to go and buy it with your chip," he said.
Mr Evers said credit cards were on the way out as well: "The access to credit is still going to be there through the mobile phone, but you don't need the card because that's really only a means of identification," he said.

The phone may be first but the long term aim appears to be to have everyone microchipped. Everything you purchase will then be monitored, you'll be easily tracked and don't even think of falling foul of the authorities. If your chip's switched off then your ability to purchase anything at all completely disappears.


fellist said...

For interested readers, perhaps the single best introduction to RFID chips is the FAQ put together by Katherine Albrecht - arguably the world authority on the issue:

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