I was at the corner store the other day and realized that i was few pence short. Luckily the guy behind the counter said it was ok and i left the store with all my purchases. This got me thinking about money and technology. Is it possible that governments will start issuing electronic money? I know we have credit cards and bank cards, but theres only so much you can buy with that. I mean, try to go to a corner store and buy a pack of gum with an American Express card, it just doesnt happen. Maybe governements will issue cards that are directly linked to your bank and ll stores had a machine that you swiped your card on and it took out money from your account. Yet I can see so many flaws with a system like this. Firstly most developing nations would not be able to do something like this due to lack of infrastructure. Also, governemnts could easily monitor the exact products we buy, which will somehow infringe on our right to privacy. And also, people who engage in "shady" businesses will no longer be able to do so because they deal in all cash so it could not be traced back to
them. I guess there really is no upside to eMoney except convinience.
I think that a card system like the one we use at ASL would work the best - one with a top-up amount that you can easily update via your mobile phone or the internet
ReplyDeleteIsn't this just the same if not pretty similar to debit cards. I mean, unlike credit cards, you only spend what you have, and you can withdraw and top up your account at your convenience. I don't see how anything more than in terms of e-money would be needed.
ReplyDeleteI agree with you Kathleen, E-Money is virtually the same as debit cards. And most governments would like they make their own currency would make their own types of eMoney.
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