Will SUICA bring the downfall of cash and coins?

relayer

Super Urban Intelligent CArd's are being used in Japan by millions of people and now are being integrated into cell phones.

All you need to do to pay is wave your cell phone by contactless reader and transmitt your PIN.

Rechargeable smart cards using RFID technology will one day eliminate the need for cash and coins. Your cell phone will be the only thing you need to carry

RotatedRainbows

No.

RedneckHB

Yes

cladking

And everyone will know everything you buy. Eat too many candy bars and your insurance
company won't pay for something. Don't even think of buying cigarettes or anything the
least amount out of the ordinary. Forget buying anything at flea markets or garage sales.
We won't need many types of things like farmer's markets when there's no cost advantage.

MrBreeze

Like I said in another thread. Freedom activists would burn down the banks and riot in the streets once they had to pay taxes on the $200 they got at a yard sale. The current "restrictive" laws for bullion and cash sales would be nothing compared to a society where every transaction you make is recorded.

ABC123

Eventually every financial transaction will be tracked---G.Orwell

jayboxx

I don't know, but drink enough TUICA and you won't really mind.

Coin Finder

Without a doubt. Yes.

Coindexter

I'd sooner die. (I hope)

PerryHall

As long as there is an underground economy, there will be a need for currency. Remember Congressman Jefferson caught with $90,000 in his freezer?

RotatedRainbows

<< <i>As long as there is an underground economy, there will be a need for currency. Remember Congressman Jefferson caught with $90,000 in his freezer? >>



That must be what they mean when they say COLD hard cash!! At least until it thaws.

291fifth

The ability to track all transactions is going to have great appeal to taxing bodies. I don't want them but what I want doesn't seem to matter to legislators.

If this type of purchasing becomes the norm in the future, look for the interest in collector coins to drop sharply as time passes and the use of coins diminishes or disappears. This has the potential to devastate the coin market as we know it today.

19Lyds

<< <i>If this type of purchasing becomes the norm in the future, look for the interest in collector coins to drop sharply as time passes and the use of coins diminishes or disappears. This has the potential to devastate the coin market as we know it today. >>



I seriously doubt that since the assumption here is if you don't see them on a regular basis then people will not be interested in collecting them.

There are many many items in the market that people collect because they can't be found just anywhere. Until the US Government passes legislation that its currency will no longer be used for transactions public and private, coins will always have their face value and therefore be collectible.

originalisbest

That'd be a pretty good trick, since I don't use or own a cellphone. Anyway, the appeal of gold and silver intrinsically would seem to ensure at least some activity in coin collecting for my lifetime, and well past it.

AgMe

We actually had something like this at university, your student ID was your key to get into buildings and was linked to your money... we never carried any cash & this was all 9 years ago.

Just a thought.

UncleWiggly

Oh no! AT SUICA cards!



Jerry