Sony's Cashless Smart Card Catching on in Japan

Posted by ryuzaki0 on Saturday March 15, 2003 @01:36AM from the are-they-tradeable dept.

Spasemunki writes "The New York Times reports here on the success in Japan of an RF-based, cash replacement smart card developed by Sony. Used primarily by Japan's largest railway company, the cards carry a declining cash balance (no link to your credit card or bank account if it is lost or stolen), and conducts transactions at railway turnstiles in 1/5 of a second. Mass transit remains one of the big areas for many folks where you just can't live without cash- this would be a big improvement over digging in the couch for exact change ... "

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Does this have "big brother" implications? by Eese · 2003-03-15 01:42 · Score: 5, Insightful

While the money in this instance is anonymous, is anyone else reminded of those scanners from Minority Report that just "pinged" you as you walk by? I wouldn't like the idea of being forced to walk around carrying RF-emitting devices. If I wanted to, by all means, but I would rather this not become the norm, personally.
Great idea! by Xenna · 2003-03-15 01:45 · Score: 5, Insightful

Now the banks can actually collect interest on the money in your pocket!

If you lose your card and noone else finds it, the money goes to the banks as well!

A win-win situation!

X.