How long until cash dies?

Sorry, I would pay you today but I don’t have any cash on me today -- sound familiar? I’m sure most of us have heard those words spoken. But how long until those words can’t be uttered anymore? It could be sooner than you think.

The “guys” at Square have developed a new iPhone App that will make it easier for anyone to take payment via their mobile phones. So if that funny guy asks you if you take Visa, now you can reply “well, yes I do.”

When you buy the App you will receive a nifty little card reader that plugs into the iPhone’s headphone jack. After both parties have signed up with squareup.com, all you have to do is enter the amount that you want to charge, scan the card, and voila. You have yourself some money.

How long until people trust this kind of service? I would say that it will take at least ten to fifteen years until cash really dies. I say this because it has been about five years since I heard that something similar appeared in Japan. Where a small RFID chip is inserted in the cell phone and allows you to pay for most things without cash. Like a can of pop.

All of these methods have a big risk factor, and if someone wants your money really bad, they will take it. But are these techno thieves going to target the child paying for a pop, or a wealthy looking business man? Probably the child – it’s a joke.

For now, we will continue to use cash and debit. Even though we all know that debit is still not all that safe anymore due to the recent debit scanning frauds – oh, but they have a chip now, so we’re safe again. Just hit override on the keypad, and continue on.

The safety of our identity and cash has a long way to go, but for now, enjoy the following video.