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Challenges to a ‘cashless’ world

Posted By admin On February 13, 2009 @ 10:58 am In Prison Planet | Comments Disabled

BBC News [1]
Friday, February 13, 2009

The global credit crunch has delayed the shift from payments being made by mobiles instead of dollars or pounds, according to technology experts.

Some believe it will be three to five years before money goes out of fashion and a truly cashless society emerges.

Experts in the Silicon Valley say many hurdles still need to be cleared to move the system into the mainstream.

These include technology challenges as well as high up-front costs, security and enough of the right type of phone.


Challenges to a cashless world  obamapreorder [2]

“There are a series of hurdles to overcome before the reality of contactless payments happens,” said David Robertson of the Nilson Report, a journal covering payments issues.

Niche market

“The technology is there although when you think about having a chip in a phone to make contactless payments at the point of sale by waving your phone across a reader, there are only 10% of the handsets in the world that can do that.

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URLs in this post:

[1] BBC News: http://news.bbc.co.uk/1/hi/business/7876154.stm

[2] Image: http://www.prisonplanet.tv/subscribe.html

[3] Barclaycard unveils plans for paying using your mobile phone, key fob or fingerprints: http://www.prisonplanet.com/barclaycard-unveils-plans-for-paying-using-your-mobile-phone-key-fob-or-fingerprints.html

[4] UK supermarket starts contactless payments: http://www.prisonplanet.com/uk-supermarket-starts-contactless-payments.html

[5] Russia-China: SCO Military Alliance Challenges US-NATO Unipolar World: http://www.prisonplanet.com/russia-china-sco-military-alliance-challenges-us-nato-unipolar-world.html

[6] Beyond the Cashless Society: IBM’s Vision for the Future: http://www.prisonplanet.com/beyond-the-cashless-society-ibms-vision-for-the-future.html

[7] Will the next iPhone replace your wallet? Apple set to take on Google with chip that could let you pay with a wave of your handset: http://www.prisonplanet.com/will-the-next-iphone-replace-your-wallet-apple-set-to-take-on-google-with-chip-that-could-let-you-pay-with-a-wave-of-your-handset.html

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