A True Cashless Society: 2030
There has been active conjecture over the past 20 years of what a cashless society would look like. Quite a few virtual currencies have gained steam, with some on the rise. However, what these currencies have not taken advantage of are the possibilities of mobile options. In the last year, a number of businesses have recognized that physical money and even credit cards are no longer essential. Here are just a few examples:
- Of
course we all remember Jonathan Stark, “The Starbucks Guy.” On July 14,
2011, he launched “Jonathan’s Card”, where people could take advantage of
Starbucks’ Mobile Card payment program that creates a personalized 2-D
barcode to be scanned at the counter. Almost 1,000 people participated in
the campaign that Stark conducted because he thought it was “fun.”
- Developed
by Twitter co-founder Jack Dorsey, Square is a service that permits
smartphone owners to accept credit card payments on an iPhone, iPad, iPod,
or Android phone. Customers with the app attach a card-reading dongle to
the unit’s audio input and operate a virtual cash register. Users can also
store payment information and purchase histories with merchants, allowing
them to pay right away and opt to receive offers via the service.
- This
year, McDonald’s is focusing on equipping 7,000 European restaurants with
point–of-sale touch screens and swipe cards, making human cashiers
unnecessary and lowering transaction times. Also, a select group of Burger
King Restaurants are conducting a trial for the Visa payWave system, which
permits customers to wave their card in front of a reader to quickly
complete transactions.
- At
American Express Community Stadium at Brighton and Hove in the south east
of England, a virtual cash system was inaugurated this past August. Smart
cards based on the Oyster card used on the London Underground were issued
to fans as they arrived. They could then put credit on the cards based on
the number of games they wished to attend as well as pay for refreshments
at the venue.
- The
national postal service of Denmark unveiled digital stamps in March 2011
that can be purchased via text message. Customers are delivered a code
that can be written on the envelope instead of a typical stamp. Similar
services exist in Germany at this time and Sweden may be next.
- Keeping
an eye on the London 2012 Olympic Games, Samsung is working with Visa and
Lloyds TSB bank to eventually begin selling smartphones which can handle
contactless payments in over 6,000 locations around London.
- Presented
in May 2011, Google Wallet is an Android app that turns a user’s phone
into a virtual credit card. Using NFC technology, users can pay by tapping
their phone on MasterCard PayPass terminals. Not only can users make
payments, they can also receive offers and store loyalty points by using
the app.
The Delphi method is a
structured communication technique, developed as a systematic, interactive
forecasting method which relies on a panel of experts. A transition to a true cashless will require
this type of process because the experts can answer questionnaires in the two
or more rounds. A Nominal Group Think approach is not viewed as an attainable
goal. Thus, experts are encouraged to revise their earlier answers in light of
the replies of other members of their panel. Trying to do this with more than a
manageable group of people simply will not work.
The forces that affect the
innovation of a cashless society are numerous:
·
Social – This is
the biggest concern. Not all societies
will be good candidates. The more advanced
countries and societies will have the most to gain. The spending and buying behaviors are
changing along with technologies. This combination
is a great match for the social force.
·
Economical – The
cost to produce a U.S. coin is more expensive than the coin itself! That pretty
much sums up the economical force’s position to support the innovation.
·
Technological –
None of this can even be considered without the support and advantages that
technology can provide.
·
Legal – About
one-third of all $50 and $100 bills are contaminated with traces of cocaine.
The legal forces would support the cashless society. The drug dealers may have a different outlook
and wish to impede this innovation.
·
Financial – This force
may be another force that may impede the innovation because cash transaction may
be needed for some types of transaction.
Open or closed collaboration
in the Delphi or NGT process can affect the results for this innovation. Anonymity
does take time, and it may reduce peer pressure or bias. But this type of innovation will have such a
magnificent impact that the marvel of the innovation will always be anonymous.
There is no other way to approach it.
For example, society opinion and quirks are difficult, if not
impossible, to measure.
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