Contactless payment: is physical money dead?

contactless_paymentContemporary convention has lead one of the most sonorous societal alterations in human history. It has presently become a commonality in the Western World for an individual to have a smartphone in their possession, more so than wearing a watch. I ask you all: could you leave the house without your phone for a whole day?

It may become even more difficult to leave our personal piece of tech at home, as contactless payment becomes more widespread. Major supermarket chains, clothing shops and many other large chain shops accept payment via contactless payment.

Now, in England’s capital, London, contactless payment is accepted on the cities iconic red busses on compatible EE phones. This technology is spreading like wildfire as more of us are neglecting the use of paper money and increasingly opting for digital payment.

Contactless payment, if managed correctly, could be the 21st Century’s answer to replacing credit cards. At the crux of this technology is efficiency and ease of use. As the large majority of the population in developed Western nations, such as the UK and US, have and carry a smartphone, this modern form of payment may revolutionise our economy.

With great ease and haste, fast-paced consumers will be more willing to purchase items as they are not required to undergo the laborious outdated task of paying for the items in the old way. This, in theory according to some experts, may increase consumer demand and subsequently grow our economies. Furthermore, it will liberate a portion of the consumer’s time, which could allow them to attain more leisure time. The world continues its presumptuous stumble forward. As we grow in number and prosperity we must ensure that our payment methods are efficient to cater to our economic demands. With all of the aforementioned advantages, it begs the question: why even use paper money in a digital age?

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