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The Cashless Society? It's Already Coming
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."
I've been 98% cashless since the early 90s and never have more than a few dollars on me at any given time.. I put everything on a credit card and write one check a month to pay for everything. And now I don't even have to write a check, I just go online and make a payment straight out of my bank account to the credit card company. And, because I pay everything off every month it costs me nothing, and, since I'm using a 'cash back' credit card, I get a check for $50 every few months. It's not much but it's free money that I didn't have before. I'm sure the credit card company hates people like me, but fuck'em.