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Monetary Technology Leaps

The concept of monetary value and how it is represented has changed dramatically over the past 40 years, and it looks like there are further monetary technology leaps possible in the near future.

Monetary value representation has gone from:

  • Gold and Silver (OK that is more than 40 years ago), but remember paper money was based on Gold for the longest of time (the Gold Standard)
  • Paper money (and coins), which represented monetary value, and became the de facto standard for exchange for services and stuff.
  • Credit Cards and Charge Cards, which were around for a while, but then almost displaced paper money in terms of usage to buy things, in the mid-70’s and early 80’s.
  • Debit Cards, Bank Cards and ATMs brough paper money back in vogue (a little), but now direct withdrawal technology has caused paper money to effectively disappear, not many folks I know carry large amounts of cash on their person, and those that do are treated as eccentric for doing so.

So what is next in terms of monetary value represenation is the question? Variations on existing technologies have happened with the new Chip technology on credit and debit cards, which have allowed for tapping to pay for things, but again, it isn’t a new way to pay, just a faster way. It supposedly makes the existing model much more secure as well (although I have read articles that dispute the safety of the new Chip systems as well).

Smart Phone Credit cards
Smart Phone/Electronic Wallet?

The new technology that is interesting is the concept of using your cellular/wireless/smart phone as a payment device. This concept both intrigue me with the technology portion and worries me greatly as well (in terms of the security portion and the ability to lose track of your money even more easily than you currently can). Having a single device become your electronic wallet (for lack of a better term), in some ways puts all your eggs back into one basket, making it easier to steal everything with only 1 basket (as well).

Is This All Secure ?

Are cellular phones secure enough to make them the center of our financial universes? We shall see, but there are many pilot projects going on our there for giving you secure:

  • Boarding passes for your flight, you load it into your phone and then the agent scans your phone and you are allowed on the plane.
  • Tickets to get into a play or a movie working the same way.
  • Coupons to get money off at sales are now usable from your smart phone.

Will I trust this new methodology? I can say confidently, not initially no, but eventually I will end up being swept away like everyone else with it (if everyone else uses it as well).

Feel Free to Comment

  1. I like to consider msyelf forward with technology but I don’t know how much I like a digital wallet. At some point greedy will prevail and someone will crack the technology.

  2. I too am excited about the electronic wallet coming. I like to carry around the least amount possible.

    I think technology has it’s place and can be really helpful but I also think it is not to replace everything, which it is already doing. There are even electric devices that can have sex for you…lol.

  3. i can’t wait until I get my electronic wallet and I only have to carry my phone and be freed from the burden of my wallet.

  4. I’m just wondering with this new form of technology if it will make it easier or more challenging to keep track of and budget money? And there is, indeed, question for the older generation who are not quite so tech savvy or open to the idea and prefer the old fashioned way of doing things regarding money.

  5. It took years until ATMs were the norm! What will happen with the people who do not have smart phones? What is the motivation to changeover? Is it speed, convenience or what?

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