I found this really interesting and certainly long overdue.
One of the fun topics when I taught the first computer studies course was dealing with the big names that made technology what it is today. It was a topic assigned for research and students learned about Hollerith, Lovelace, Hopper, Gates, … and Turing.
So, it was of real interest to read about the recognition given to Turing. It brought back some memories and of course, I had to do some more reading to refresh my memory.
Then, my thoughts turned to relevancy. Not about Turing – his works will live on forever – but just the concept of money. The other day, I was going through my wallet and noticed some brand spanking new $20 bills. I know exactly where and when I got them. It was with sadness that it was about a year ago!
Previous to that, my wife and I had met with our financial advisor who persuaded us to get rid of our entry level credit card and move to one that has more features and payback for use. She explained how she had done this and used it for all purchases to get the points and get rewarded. So, we gave it a try a couple of years ago and did indeed get rewarded quite nicely.
Before that, we used a combination of cash, debit, and occasionally credit cards. Mostly, the credit card was used for buying gas and bigger purchases when we didn’t have enough cash on hand.
COVID changed all this. We actually use the credit card for darn near everything. Yes, there’s the convenience of not having to carry money but more importantly, it was not having to touch money and spread germs. It’s just plain dirty, according to this study.
As we know, things have certainly changed. Even Tim Horton has gone credit with a whole technique so that you can tap and go with your coffee and pastries. Nobody but you needs to touch your credit card.
I’ll admit. It is so convenient. No more balancing cash versus credit. Just one bill to pay at the end of the month and life goes on.
So, will the whole world maintain the love of the personal card over cash in your wallet? Could it be that everyone will have a £50 note in mint condition because society has walked away from cash money?
Could it be that this was one technology that The Jetsons didn’t predict? Remember Jane getting cash from George’s wallet in the opening segment?
While we’ve banished the penny, you have to wonder about all coins. Is there a purpose any more? Many vending machines take credit these days.
The only challenge remaining that I see are children that lose teeth. Maybe they’ll have to get with the program and have tap beside their pillow.