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Digitizing money: ways to avoid cash or plastic

Created by : Prarthana Devi, Database Architect/Designer, Leading IT Company  | 11 16 2009 12:05:22 +0000
Industry : IT ServicesFunctional Area : New Technologies(Technology)
Keywords : online mobile phone cash cheques digital money
Activity:  255 views;  last activity : 07 06 2010 20:18:09 +0000

Instead of their normal wallets and purse, consumers could soon be carrying virtual wallets, with their credit card and bank information stored on remote computers that were accessible everywhere and anytime. They could use them whenever they wanted to buy something, whether on the Web, on cell phones or at cash registers. With a new cell phone application called ShopSavvy, for instance, a shopper can use the phone’s camera to scan an item’s bar code in a store to see if it is available for less online. If so, the shopper can buy it with one click if they have already entered their credit card and shipping information on PayPal’s Web site. Technology is like making it more simple and simple these days, and with digitized money at hand, do you think this will replace the normal cash, credit & debit cards or cheques in the future?

What do you think people? Share your views on this.

  
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According to me, yes, we will replace cash and checks in the near future. With the help of technologies like ShopSavvy application in mobile phones, every money transactions will be done digital and if this happens, people will no longer use carrying cash and checks and will use digitized money.
By Prarthana Devi, Database Architect/Designer, Leading IT Company  11 16 2009 12:05:22 +0000
 
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This technology will come in the hands of a few people only. Not all the people will be able to use this technology. Today also more than 90% of India doesn't even know how to do an online transaction. How can we expect these people to do
By Sameer Joshi, Project Manager, ADP  11 16 2009 12:16:18 +0000
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Recently RBI declared that there will be no high value clearing for out station cheques, as they wanted account holders to move towards RTGS/ NEFT for transfer of funds.

There are couple of Banks which have launched Virtual Debit cards (Mobile Debit Cards) and you can carry your normal transaction through mobile. Buy tickets or shop online.

Future will be simple....every thing will be in your mobile. "Mobile will become Money"...instead of you transfering money to ones account, you transfer certain amount to the Mobile number of the shop keeper. So in a simple way, Mobile operators will become Bankers.
By Kiran Jain, Senior manager Key Corporates, HDFC Bank Ltd  | 11 17 2009 15:25:59 +0000
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Oh yes.. imagine you visiing a cake sop, buying cake and the shop owner billing you directly and you authorise the transaction over your mobile!

 
By Vishnu M., Head - Software QA/QC , UAEEXchange & Financial Services Ltd.  | 11 17 2009 10:49:02 +0000
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due to this it can be possibel to use new and advance technology which generates the awareness in the minds of the customers.


By Patel Pratik, B.B.A student, D.D.I.T. University, Nadiad  | 11 17 2009 03:57:28 +0000
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Well, as far as I have done my research on the future of technologies(nano technology). In future there will be no wallets, instead the client will be carrying their all their information(Credit Card No's, Bank Details, Blood Group, Idetificatio Details etc) in a magnetic Ring.

 

So, if you have to do a shopping or watever you just have to use that ring. Simple
By Kashif Billal, Training & Induction Manager, H&M Hennes & Mauritz  | 11 16 2009 12:20:15 +0000
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Thanks for sharing this information Ma'm....n i feel dat u r right that may b Technology will play its role in our future and will always give us better alternatives each time.....but v should never forget that we all have to pay a good price in terms of money to have an access by means of that technology & bcoz of this everyone could not access the newer n easier ways of living though everyone desires to .And ,also our major population still constitutes people havin income jst enough to buy them their basic needs of livin today .So on this note i would say that though this way of DIGITIZED MONEY will replace d use of cash ......but only within a defined class of people who can afford it.
By Kshitiz Kumar, B.Tech/B.E. student, Shri Sant Gadge Baba C.O.E.T  | 11 17 2009 11:18:38 +0000
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