Posted by: Joe Eds | April 28, 2010

So Long Cash

Progress. We all knew this was where day-to-day money handling was heading. So long cash, and so long checks. The photo above says it all, but here’s the gist:

Companies (such as eBay’s PayPal) have developed small credit card scanners that plug into a cellphone and for small fee enable any individual or small business to turn a phone into a credit card processing terminal.

NY Times article here. The main losers in this development into a cashless world are small businesses and farmers who do not have access to credit card terminals, I’m thinking maid services and farmer’s markets. And there will be a fee charge (TBD) per transaction and likely a monthly charge so I doubt this will catch like a forest fire. Still, it’s where we in the developed world are heading.


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