The future of money
Forbes had an article last week about how money has and will change with the growth of information technology. I was thinking about this on my trip to San Francisco. What did people do 50 years ago without credit and ATM cards? They must have carried a wad of cash.
Instead of a plastic card for a bank, we could have a plastic card with a bank. The stone-pillared edifices that used to house banks are full of nightclubs and gyms now; people bank electronically, they use ATMs. An ATM is merely a device to spit paper. Why not make every card an ATM? Tomorrow’s microchips won’t lack for capacity. A cell phone is like yesterday’s switching station, a laptop is yesterday’s supercomputer. Why settle for a bank account when you could buy a cheap bank-on-a-chip?
