Are we Becoming a Cashless Society?

It looks as though the world is going cashless

We have all heard the expression "the cashless society" and by now we all know that where there's smoke, there's a fire somewhere. We are also all finding out exactly how powerful the influence of the internet is and at last we are learning that every household must have a computer, no matter how much the residents resist it.

Progress

But this is progress. This is how we humans adapt ourselves and move along with the times. Here's a quick example. Remember Amazon.com, the online bookstore that we older folks pooh-poohed and sneered at as we said, "It'll never work. People like to browse and touch and feel the book they are going to buy"? Well, Amazon reported recently that it sold 73 items a second. No touching and feeling in there, right? Not even time for a quick sniff! Want more proof of the way things are going? EBay, the online auction site, is stated to have the 26th-largest economy in the world.

Staggering numbers, huh? Well, here's another one. The incidence of online fraud is going into orbit.

Credit card fraud

All these examples I am firing at you are internet generated. And when it comes to internet transactions, credit card fraud is a major concern. This is what is leading the rush to a cashless society and the introduction of virtual currencies.

Paypal is an internet money transfer system which sends funds up and down using a combination of a credit card or checking account number and an email address. Anyone who uses PayPal will tell you that the system is smooth and efficient. They will also tell you that PayPal loves it because they basically watch what is happening and get a commission on every payment. ... click here to read the rest of the article titled "Are we Becoming a Cashless Society?"