Electronic Money: Toward a Virtual Wallet

Hard currency is disappearing from many everyday transactions along the road to electronic money

4 min read
Electronic Money: Toward a Virtual Wallet

I'm not an early adopter of electronic money. I don't use Quicken to balance my checkbook or pay my bills, I don't shop over the Internet...yet. But on a day-to-day basis, hard currency has already been eliminated from most of my transactions. Many are billed directly to my credit card--my monthly e-mail fees, my newspaper subscription, catalog purchases, the preschool bill. I also use a credit card for most transactions over US $10. I buy gas at automated pumps: it's faster to swipe a card myself than to walk into the gas station to pay. I pay for groceries in "scrip," a currency issued by my son's school for fundraising purposes. Just about the only uses I have left for U.S. government currency are buying the occasional cup of coffee and splitting a lunch check with a friend.

The authors in this special issue on electronic money paint a world from which even those uses of paper currency can be eliminated. A smart card, loaded with electronic money at an automatic teller machine or, eventually, on a home computer, could be used for that coffee and bagel. Technology also exists for "electronic wallets" that can exchange money with each other, making it possible to split a restaurant check electronically or hit up a friend for a few dollars.

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Video Friday: Turkey Sandwich

Your weekly selection of awesome robot videos

4 min read
A teleoperated humanoid robot torso stands in a kitchen assembling a turkey sandwich from ingredients on a tray

Video Friday is your weekly selection of awesome robotics videos, collected by your friends at IEEE Spectrum robotics. We also post a weekly calendar of upcoming robotics events for the next few months. Please send us your events for inclusion.

CoRL 2022: 14–18 December 2022, AUCKLAND, NEW ZEALAND

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NVIDIA

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2 min read

This is a sponsored article brought to you by 321 Gang.

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