Thursday, February 28, 2013

The Attack on Cash

We've covered how Foursquare and MasterCard and Visa have partnered to create new incentives for consumers to use their credit cards instead of cash. And then today, we have this exciting or disconcerting quote (depending on your point of view) from MasterCard executive Hany Fam:

"MasterCard is addressing mobile payments that will replace cash in the day-to-day life of millions of people and drive financial inclusion across the globe.”

This is in reference to MasterCard's announcement of new partnerships Vimpelcom, Ezetap, and Equity Bank in order to broaden its reach into new global markets like Europe and Asia. A steady move away from cash worries the traditionalist in me. For my generation (college students), this move will likely be hailed as a huge leap forward. But paper money is so ensconced in our culture, I'm afraid that older generations will struggle to make the change (even more so than they have with other technological innovations). What do you think? Comment below!

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