For the past year I have been toying with a hypotheses on the disappearance of money as we know it. Credit cards, Travellers Checks, Demand Drafts are past story. Wire transfer is also becoming part of culture in many countries. Online transactions have also improved in the past 8 years.
Money which became standard currency to facilitate trade replaced direct commodity transfer or barter. With digitization, the form of money has lost value.
Salary is credited directly, loans and EMIs are paid directly based on Standard Instructions, Shares and MFs are bought and sold directly without any cash transfer. the list goes on.
Whats striking is that all this is happening without people noticing it. They are embracing technology as it happens than any evaluation per se. These are significant changes and would affect economics worldwide without anybody noticing it happening.
Having been head of Innovation in my company earlier on, I kept track of the Innovations on the money front. the financial crisis is now provoking many experts to mull over the idea of whether Cash is still king or something else could be done to prevent such crises. More on that later.
Last I heard, one of the worlds fastest selling product cannot be bought with cash. You definitely need a Credit card to buy in their stores.
You get it now.