Ôªø Theory Of A Cashless Society

Overview

The theory of a cashless society has been around since the invention of the check, but in recent years, with the widespread foothold that the internet, credit cards, and debit cards have on commerce the theory has gained more publicity as well as plausibility.

The reaction to such a drastic leap in commerce has been quite mixed; with only select markets embracing the card, such as college campuses with systems similar to GatorLink's synchronization with Wachovia.

Though the concept has failed in several US testing zones, such as New York City, it has been gaining ground overseas since France adopted Moneo‚ cards to completely replace hard cash within the next two to ten years.Echelon

According to focus groups, the primary reason that the theory is struggling for acceptance is the fear of identity theft and a ‚Big Brother‚ like surveillance database that accompanies most electronic communication and commerce, such as ECHELON; the organization that crunches satellite, microwave, cellular and fiber-optic traffic the world over for no documented reason.

Looking past possible privacy issues, a switch toward a cashless society presents many exciting possibilities, and with the advent of cost effective biometrics in recent years, it could produce the most secure economy in history.