Cash and coins will soon be gone

Cash money and coins will soon be gone--money will just be represented in a digital format of numbers on a screen, accessible through your smartphone or other computer device, or by a chip embeded in a plastic card--

Iowa Government Partners With Dwolla to Make Paying Easier | MIT Technology Review: ". . . Taxpayers in Iowa could be doing this one day soon, as a result of a partnership with the Des Moines-based payment startup Dwolla (a portmanteau of “dollar” and “Web”). Iowa Governor Terry Branstad announced today that government officials would be exploring ways to use the service, including potentially collecting property taxes, issuing refunds, paying contractors, and renewing vehicle registrations. The announcement is interesting because of Dwolla’s disruptive aim to create an electronic form of cash and rewire a crucial hub of the U.S. financial system (see “With Mobile Internet, Money is Up for Grabs”). This allows for real-time money transfers without the delays of processing checks through the Automated Clearing House. It also means businesses could save on swipe fees they pay to credit and debit card providers. Dwolla only charges a flat 25-cent fee for transactions more than $10. . . ."

Tweet    Follow @johnmpoole