Cash Free society.
Consider the Cell phone. It is ubiquitous, at least in a 2nd world India. It’s a Swiss knife of the digital age. Maybe it can become your banker too? I have thought about it and I have come to wonder why can we not let that happen. Nowadays when I want to recharge my phone, I simply go to a recharge shop where a phone using his phone transfers funds into mine. Why can we not use this process in just a common a way? Say between a taxi driver and me.
You can go to the nearby mobile service provider office and offer 105$ to get a credit of 100$. This can be spent to different people by merely sending data messages from the customer’s cell phone to that of any service provider. Then when you wish to withdraw your money, you can go back to the office of the mobile service provider and make a withdrawal; just like any bank.
The market potential of this idea is tremendous. The company to first develop this into a working reality will hold network monopoly curtsy an unrivalled product. There will be a quick shift in customer base and loyalties. Eventually companies will have to agree to let the product be used between two different networks. By then however, the “Original Operators of the cashless program” would have made their fortune.
We would have achieved a truly cashless society, the only downside being: a more lucrative market for mobile phone robbery.
