Wednesday, April 18, 2012

Goodbye Greenbacks – Hello Smart-Device Swiping someday soon


                Good Day Humboldt County!

No one can foretell the future. Our road ahead is a mystery. You can forecast something (make an educated guess), but cannot say for sure. In an interesting study, 1,021 nerds came to the conclusion we’ll be using our cell phones to purchase things because our $1, $5,$10,$20,$100 bills will no longer be accepted as payment for anything in some moneyless future.

Those sometimes crisp, often wrinkled, always bacteria laden greenbacks are doomed the tech experts say. No more pulling out your wallet or purse and fumbling around for the folding stuff. Of course, if you ever lose you cell phone you might as well commit hari kara!

I have my reservations about this forecast and hope it isn’t true. Actually, I wish everything would be free someday… but then there’s this pesky little thing called reality.

“Take a look at the green stuff in your wallet  (if you have any) and prepare to say goodbye to it in the future: By 2020, most Americans will be using their cellphones, not cash or credit cards, to make payments.

That's what 65 percent of the 1,021 tech experts surveyed by Pew Research Center’s Internet & American Life Project and the Imagining the Internet Center at Elon University said is likely to be the case, with consumers not only adopting, but embracing, the use of "smart-device swiping" for purchases.

"So many people are already accustomed to buying a cup of coffee with a credit card that smart-device swiping is only a very small next step," John Pike, director of, told Pew in its report, "The Future of Money in a Mobile Age."
Mobile payment technologies are in the early stages in the U.S. among manufacturers: Google is among those leading the way with its Google Wallet partnership with Citibank and MasterCard, using near-field communication. The technology allows for very short-range communication between devices, such as a phone and a payment terminal. Google Wallet has only been available in the U.S. on the
Nexus S phone, which has a built-NFC chip.
Wireless carriers Verizon, AT&T and T-Mobile have joined with credit card companies American Express, MasterCard and Discover, to develop a similar NFC program called "ISIS" that will be tested in pilot cities around the country mid-year.”

Time for me to walk on down the road…

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