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FUTURE STORIES IS a monthly podcast from TheJournal.ie and Volkswagen. This month, we’re looking ahead to the future of paying for things.
It’s time to do the weekly food shop. You sit down on the couch, strap a VR headset on, and browse the aisles of your local supermarket.
Or maybe you feel like getting out of the house, so you head to the supermarket in real life, load up on groceries, and walk out. No need to queue at the checkout – the scanners can tell exactly which items you have in the trolley, and your payment implant means you can pay with the wave of a hand.
It may sound far-fetched, but this kind of future is closer than you’d think. In Sweden, more than 4000 residents have microchips implanted into their hands, meaning they can pay for food and travel, or get through office doors, without fumbling for a card.
Cashless society
“It’s nothing more than piercing an ear and putting a tiny radio transmitter, essentially, under your skin,” says Bruce Burke in the latest episode of Future Stories. He’s the founder of #PAY Symposium, a US conference dedicated to the future of the payments industry.
You’re just putting the back of your hand against a terminal. If you’re in the kind of environment where you’re commuting back and forth to work, authenticating yourself at turnstiles, at office doors, in taxis all throughout the day, it’s perfect.
In fact, many retailers in Sweden simply don’t accept paper money, due to negative interest rates on cash which make depositing notes and coins a costly effort. The country’s central bank is now pushing for other European countries to adopt the same approach.
Bought in? Hear more in the latest episode of Future Stories. The new episode is live right now:
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Really don’t like the idea of a cashless society, might seem old fashioned to some but I like having money, a bit like reading a book, can’t take to a kindle, I like to have a book in my hand, don’t think I could ever change on that.
@Devilsavocado: i just like the idea of several multinational organisations having a record of my breakfast for the last year just because i paid for it electronically with my card/phone/bleeding microchip implant ya know
@Devilsavocado: we can’t have a completely cashless society. It’s not possible. many transactions will never be cashless.
@Mjhint: not sure about that, I’d say over the next twenty years banks will push really hard to eliminate all cash transactions, might upset some drug dealers but I’d say most businesses will welcome cashless payment.
@Devilsavocado: In a nuclear war all electronics would be dead, without cash no one can control their finances?
@TamuMassif2019: you trade oil in a Mad Max style futuristic-post-acopolyptico neo-earth with the remaining normals and try to avoid the freakish cannibal gangs of mutants. Pretty standard commerce really.
@Devilsavocado: I don’t use cash at all now, all digital, tap pay from my phone for shopping, not losing cash (hate wallets) and being able to check my balance on the go. So so handy and so convenient
@TamuMassif2019: well there you go Tamu,, another reason why we should avoid nuclear war,, not that we should probably need another reason,, or that it’s as important as the number one reason to avoid nuclear war…..
@Devilsavocado: Don’t worry about the Drug dealers, they’ll have bitcoin…
@Devilsavocado: it’s nothing like having a book, it’s about convenience and security.
Yea give the banks “ Total” control of your finances, sure what could go wrong, it’s not for me ever!
@Colette Kearns:
Where do you get your cash?
@Patrick Nolan: from the hubby!! :-)
@Colette Kearns: Colette Kearns, ladies and gentlemen – single-handedly setting women’s rights back 25 years with the click of a button.
@Only here for the comments: not really, I’m a bloke and I’d love to be kept. You’re holding back mens rights with that comment.
@Only here for the comments: It’s called “ Humour”: “ you should try it sometime!
I remember Michale ‘Vulture’ Noonan on about this a few years back. Another reason for this is to maximise taxes and stop people buying/selling in cash as its hard to trace. This will benefit nobody except revenue which the government will inevitably waste and also the banks as they’ll no doubt have even more transaction and maintenance charges.
Wish we were back in the 80″‘s.
the way the banks are slapping charges on transactions thinking of going back to cash.
@ed w: Cash is king
Cashless machines making supermarket checkout workers redundant what good is that to society hate the idea
@liam ward60: touch tone phones making the phone operators redundant too, Liam. Disgraceful.
@liam ward60: those infernal horseless carriages are next, Liam. Taking jobs from hard working horses, honest to God.
I’ll keep using cash thanks very much
What happens during a power cut. In war zones. Remember the ESB strikes. Like the paperless office don’t burn your cash yet.
Tap to pay is very handy but a few months ago there was a problem with the machines that the retailers use which lasted several hours. Cash is king in these situations.
If Ireland goes cashless, then we really are at the mercy of the banks….
And for that reason, I’m out!
Future? It’s readily available technology.
@⚡ Seánie ⚡: Hard to believe how people sign up to a “ tracking device “ this s**i is going way to far, we’re becoming more & more like “Objects” not human beings! Dangerous to say the least. :-(
@Colette Kearns: Written on your phone through you’re social media accounts. No point nit picking how you’re tracked. In for a penny, in for a pound.
@⚡ Seánie ⚡: But my phone isn’t attached to my body, I usually don’t carry it around me as much as some people do! But I know what ya mean.
Ouch, criminals stealing our ears to get to our cash.
No way would I stick anything in my body, the next thing you know is criminals chopping off bits of you… Anything from the US business forums is about greed anyway, so why listen to them?
This is old news.
Starbucks are apparently partnering with a company to let you pay for your coffee with Bitcoin
Criminals will have to take your hand and leave the wallet if they wanna Rob you in future
F%&k the banks, Bitcoin Lightning network the future of small payments ;)
I’m not getting microchip f**k that. Are ppl so stupid that they would willingly get microchipped?
have your say