Monitored Alarm Systems

cash could soon be a thing of the past. Soon you will have to pay for all of a sudden your watch - or more likely your mobile

Dave Birch

few harsh words for A European Central Bank. "They must be punished, I said." For the printing of tickets ? 500. Could What can I use, except for illegal transactions? "

You might think that would most pressing issues the ECB at the moment, with the euro threatens to collapse into a heap of quivering debt and bond yields peaks. Aim the point Birch, a director at consulting electronic trading Consult Hyperion, IS, is that these are things like the feeling of physical marks that helped to get the euro zone on ICT and the present disastrous position: that where tax revenues of Greece in any way reflect actual expenditures by ICT and citizens of Italy "underground economy" is calculated by about 20% of the list of combinations of the economy there.

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is another way. The money is going virtual. More and more of our transactions are digital anyway, even those we think Published cash is essential - the low value transactions from 65% in volume About That (goal less in value) of transactions UK each year - Will go digital.

From next year, Londoners Will Be able to use their Visa cards as they make their Oyster cards, monitors slide against them in subway stations and nozzles to pay for travel .

You can even, if you feel Dick Tracy-ish, now get a £ 99 Watch that can be loaded with money, like the Oyster year, and used to pay for your lunch / Lattes / wine with a quick tap of the high street chains such as Pret A Manger, Subway, McDonald's or Oddbins. Your transactions are limited to a maximum of 15 pounds per hour, and is marketed as a great for runners ("Buy your water bottle! Your newspaper! Without taking your wallet!") Or for parents who want their children to pay for bits and bobs, rather than blowing their money is some trinket. But in fact, there are other things that have sold in the streets, although the drug dealers are resourceful, they did not quite have been hung in the electronic payment system yet.

Birch, however, think the "watch2pay" system will be a flop: .. "The children do not wear watches, I simply said," They use their phones "

And the motive power that is truly changing the way we spend money. Sandra Quinn, communications manager at the Council of the United Kingdom payments, which manages transactions for major clearing bank, said: "One of the great things we have studied is whether enough of an appetite among banks to develop a structure of payments. You should use your phone to transfer money for, say, your best friend. - You text your bank and tell him to send £ 20 Pete "

futuristic sounds? Something like that was-running in Africa since 2003: Called M-PESA (set up with funding from our own Department for International Development and funding), it allows people to transfer credits to mobile phones, which can then they exchanged against money at various stores.

No scenario? What checks the school dinner money, people asked? What about paying the manufacturer who made this work on your home? What all is not necessarily those transactions where the recipient to buy online, you may want to make a payment or small giant? What about 'em? Questions were asked in parliament. Motions early childhood (MPs' equivalent of a Facebook petition) were signed. In front of the storm than half the UK Payments Council changed his mind. Checks could stay, he said.
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Birch is blunt:. "I am outraged that [the UK Payments Council] I went back to check it kills off a lot of people do not even know the country where the check is the idea that by. 2018 you will not be Able to do something with a mobile phone as you can with some paper and a pen is just laughable now. "
Indeed, some of the biggest names in the mobile push things in the direction already. Google for the past year has included in its software Android smartphone equipped with systems that allow phones properly use "Near Field Communications" (NFC), where your phone stores the data of your credit or debit card, and you enter in a pin and shake properly Equipped near a register, and your payment is made. The NFC Forum has 140 companies, with each manufacturer Apple smartphone outside major, which has not yet indicated what he thinks of NFC. (The year of implementing the use of NFC watch2pay MasterCard.) More than half of the UK population has a smartphone, and at least one third of the U. S., the tide enabled phones do a lot of mobile transactions Some are up. "/ Aa>

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