Slashdot Mirror

← Back to Stories (view on slashdot.org)

The Cashless Society? It's Already Coming

Posted by samzenpus on from the your-money-is-no-good-here dept.

HughPickens.com writes Damon Darlin writes in the NYT that Apple pay is revolutionary but not for the reason you think. It isn't going to replace the credit card but it's going to replace the wallet — the actual physical thing crammed with cards, cash, photos and receipts. According to Darlin, when you are out shopping, it's the wallet, not the credit card, that is the annoyance. It's bulky. It can be forgotten, or lost. "I've learned while traipsing about buying stuff with my ApplePay that I can whittle down wallet items that I need to carry to three": A single credit card, for places that have not embraced, but soon will, some form of smartphone payment; a driver's license; and about $20 in cash. Analysts at Forrester Research estimate that over the next five years, US mobile payments will grow to $142 billion, from $3.7 billion this year. "If I were to make a bet, I'd say that 10 years from now the most popular answer from young shoppers about how they make small payments would be: thumbprint. And you'll get a dull shrug when you ask what a wallet is."

5 of 375 comments (clear)

  1. Not totally by Anonymous Coward · · Score: 5, Funny

    Where are you going to keep your condoms?
    oh yeah... Slashdot, I remember now

  2. Re:Lost!? by mythosaz · · Score: 4, Funny

    As an old man, I now have to make sure that my glasses are on my face and that I know the location of my wallet, keys, phone and badge at all times.

    Walking through a door? WKPB?

    You can't imagine the havoc a the keyless ignition on my car has caused me in losing count of my four items.

  3. Re:Lost!? by Jahoda · · Score: 4, Funny

    I know this will shock you, but wallet chains are classless and ugly as shit, particularly in the professional workplace where you'd like to be respected as a grown adult.

  4. My pedantic comment by codepigeon · · Score: 3, Funny

    A single credit card, for places that have not embraced, but soon will

    So do you have a separate card for places that have not embraced and never will?

    Here is a (funny) anecdote, a couple years ago I went to a small comic book store with my son. I hardly ever have cash on hand. When we went to checkout I asked the guy if he took credit cards, and he puffed out "not until they outlaw cash!". ... We ended up going to a nearby ATM so I could by the comics.

  5. ISIS Dinar by jfdavis668 · · Score: 3, Funny

    I'm swapping all my money for some gold and silver dinars.