Cash in your "CHIPS"
Bank bosses foresee death of cash...
Bank and credit union bosses say cash won't be alone, with wallets and credit cards also likely to disappear too.
They told The Advertiser's round table forum that cash and cards will be
replaced by computer chips embedded in mobile phones, watches or other
Bank SA general manager strategy and operations Chris Ward expects Australia to follow the offshore lead, with small cash transactions disappearing first.
"So you can't go and buy a bottle of water from the deli with cash; you've got to go and buy it with your chip," he said.
Bendigo and Adelaide Bank state manager SA/NT John Oliver said it was easier for retailers to use electronic transactions than manual cash transactions.
Savings & Loans chief executive Greg Connor said the concept of the wallet would go...
"Whereas now we have a wallet and purse, it will be a chip in your phone or your watch or something like that as your access," he said. (or in your right hand or forehead as the bible says .. Keygar)
Mr Evers said credit cards were on the way out as well...
"The access to credit is still going to be there through the mobile
phone, but you don't need the card because that's really only a means of
identification," he said.
"I'm looking forward to cash disappearing
- I hate carrying coin. 5-7 years is a bit optimistic though."
"I think the Australian Payment Systems Board is very much on top of it and is trying to move down a path, but hasn't publicly put things into place yet."