imagine your paper thin credit card having an inbuilt i-pod, your digital cheque book with an integrated pda and your banks main branch located in jupiter.
yes, the space age banking where there are no more heavy metal coins or currency notes. what i personally feel is that these will be replaced by just placing your finger on a machine where it recognizes your print and deducts the amount from your account. all we may have to do is just place your finger and then we may get a message on our cell phone as to how much available balance we have left.
when you deposit a cheque in the bank, you have to wait a good three days till it clears. well we are certain in space age banking firstly there is not going to be any depositing cause every transaction is going to be electronic and certainly no waiting cause its instant credit.
using public transportation where you end up having a rs500 or rs1000 note with you and then go to a shop to make change and you may just buy something from the shop which you really don’t need just to make change, all of this will stop if there is absence of physical currency. i can never forget the day when i was traveling early morning during my college days that i was kicked out of the bus just because i did not have change, the fare was rs3 and i had a rs100 note.
certain banking elements may change and certain may me irreplaceable. at present the credit card and debit card are widely used because it’s easier to carry around and also widely accepted. it’s gaining popularity because it reduces risks and also reduces bulkiness. in the same way in future i personally feel cards may be replaced by simple finger prints for the same reasons.
how about loans, those crazy paper works, time needed to processes your loan, submitting photographs, etc may all vanish. there may be an automated machine where you punch in your security number and also your finger print is taken and instantly it will tell you your eligible loan amount and whether you are approved or not.
in future all individuals will have a certain number and this number will be our true identity. all our banking profile, our passport, etc will be based on this number. as soon as a child will be born instead of calling a pandit or thinking of a name we will have to get him registered with his number and who knows there may be bidding for a vip number too.
at one point in time experimenting with newer forms of currency might have been regarded as, literally speaking, insane. now that we live in a society which, given the last couple of decades of inventions, will willingly believe if you tell them there is life on every planet. when muhammad bin tughluq introduced token currency for the first time in india, he was ridiculed by the entire kingdom including his wife for introducing something which seemed crazy at that time but today even if a person says he has invented a hard disk with unlimited memory everyone will still believe him.
richard watson best explained the biggest advantage of a cashless world. here are a few lines from the future of money.
the idea is essentially that notes, coins, and checks are all hugely inefficient and will be replaced by digital money, which is easier to process. governments love the idea of getting rid of cash because up to 25% of all cash in circulation globally is used for illegal purposes (in the united states, a staggering 25-30% of people don't have bank accounts). companies also love the idea because electronic payments are faster and much cheaper. and as far as multinationals are concerned, the sooner there's a single global currency the better.(source: http://www.fastcompany.com/resources/innovation/watson/050905.html)
basically future banking will be less complicated, no forms to fill up and accessing your money will be easier than ever, from anywhere and everywhere and the most important issue of higher security will be addressed. all of you tax evaders in future your species will be extinct.
