Kiwis Moving Closer to Cashless Society

June 22nd, 2009

Japan was the future cashless country in yesterday’s news cycle. Today it’s New Zealand.

Well, New Zealand will probably use a Pan Asian digital currency, at some point, along with Japan and several other states…either that or Kongbucks.

Via: New Zealand Herald:

Cash is no longer king in New Zealand, according to the Retirement Commission’s report.

The report found electronic funds transfer (Eftpos) had displaced cash as the most common method used to pay for things such as groceries, power bills and mortgage. The number using Eftpos in the latest survey (83 per cent) is the same as in 2005, but the number using cash dropped from 84 per cent to 77 per cent. There have also been declines in all other methods of payment except internet banking, where users have increased from 34 per cent of adults in 2005 to 47 per cent.

Those most likely to use internet banking are households earning over $100,000 (70 per cent), people aged 35 to 44 (63 per cent), people in paid employment or with tertiary education (both 57 per cent), Asians (54 per cent), males (51 per cent) and Europeans and urban residents (both 49 per cent). The least likely internet bankers are provincial residents (37 per cent), Maori (34 per cent) and those aged 65 and over (12 per cent).

2 Responses to “Kiwis Moving Closer to Cashless Society”

  1. ltcolonelnemo says:

    Why wouldn’t They just embed RFID in all of the money?

  2. RMOHANX says:

    Why not RFID money?

    1) RFID can be disabled. (I’ll just use
    my Faraday wallet, e.g.)
    2) RFID money, to be trackable, assumes
    RFID readers everywhere. Costly.
    3) RFID can be hacked.
    4) RFID money able to “shut a person off”
    implies massive dynamic computing power.
    Think about it, the requirements to
    track all those bills.
    5) If you accept “cash”, you’ll accept coins,
    right? RFID coins, too?

    Much, much easier to get everyone to “chip”
    themselves by using cards and embedded
    payment chips in their phones, etc.

    Then, there is the central ability to “shut
    a person off” immediately. No muss, no fuss.

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