What sparks the move on having digital monies in place? I have reached into varying contexts and views after reading this. One of the contributing factors, amongst others, is also due to the evolution of Near Field Communications (known as NFC). In my RFID research and reading, I have come across how NFC has been developed as a standard for technology applications.
Thus, whilst pre-empting and anticipating the NFC hype, many technology companies lobbied to get engaged with its development globally. In South Korea and Japan, NFC applications within mobile phones have taken place as early as 2002 (trial stage). Today, some locations are deployed with readers that are read-enabled with NFC, and of course, with the integration of RFID chip. Concurrently, my research and reading have ideally outlined that the pairing of such technology - NFC and RFID will transform consumers and users' convenient almost to perfection. My thought hit and affirmed it. As the commentator suggested, by 2020, one shall gradually witness the usage of cash to reach the stage of extinction. It's interesting to see how possible the prediction of a cashless consumer shall be. Today, we have been using Debit cards and Credit cards. PanPal, on the other hand, seems to lead the cashless environment intermediary convincingly acceptable by its customers and users via online (secured, fast and cashless).
Now,what the future lies on digital monies or digital cash is a significant question that policy makers should anticipate from various viewpoints - technology, legal, regulations, business and social. I may predict that there should be a public consultation or white paper on technology coupling (alike of NFC and RFID) that links towards various aforementioned viewpoints. The call for such a viewpoint should be brainstormed skeletally without further ado.
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