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Contributor:
Scott Newman
Scott Newman

Do you worry that if you carry cash in your wallet or purse that you are going to spend it all at once?  I wonder if the world is changing how we handle money by phasing out notes & coins.I often think that the future lies in numbers and plastic. There are already cards out in the United Kingdom which serve as travel/debit/credit & Identification cards. This is the way of the future, tracking money and people.  There has always been a place for cash in the world but it does feel like who owns the money. Do I or the banks?

The current economic trend is the balance of having cash on hand for when required and then arming you with multiple cards for EFTPOS & Credit transactions. Some people have even memorised their numbers for easy recall when purchasing goods.  Having access to a phone line or internet connection serves us to get to our money in emergency.  I think that the future holds a simple way of fusing all of these elements to one source.  One card to rule them all!

What happens if I lose this card? Do I have to go through loads of forms and ID checks to get another one? Now, that is the question? There would have to be a smart method to stop fraudulent use of these very important cards so security would have to be the very best. I like simplicity in the fact if you can prove who you are then you can get back onboard right away.

I guess the other thing is ... what happens if you only deal in cash because that is what you have done your whole life and do not have a bank? Hmmmmmm ... It is important that we all have a choice isn't it? Otherwise then we are all scanning cards and not seeing much come back in the hand. Instead, just magic numbers going up and down again.

We already have to pay when we get money out as it is whether it a hole in the wall or at the bank. All EFTPOS swipes are amalgamated to fees. Imagine if there was a card that could have a standard charge for usage and converted exchange rates so it could be used normally anywhere in the world? Is this a dream concept as there is already Visa/MasterCard that you can take anywhere, right?

What do you think? Is money dead and the global plastic all purpose cards taking over? Will a withdrawal be a purchase for service or goods, donations etc? Can there ever be a standard supported card worldwide that does not require a world of notes and coins? 

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