Payments in the E-Market

This article is relevant to the future of the monetary market and why consumers and businesses will eventually convert to e-currency.

It should be stated that your debt card, gift cards, credit cards are example of e-money. In a cashless society, you can no longer bribe anyone with a Mr. Lincoln. The Federal Government is the largest user of e-currency as it uses Fedwire to transfer any funds between foreign governments and U.S. government agencies. This is primarily due to the large amount money within the transfer, increasing the convenience for the government.

The goal of e-currency is to get corporations and consumers to jump on board and this will be solving problems with the current payment system. Currently, only 1% of corporations use trade payments electronically. 90% of consumers still rely on checks and cash for their payments. In order to have consumers and corporations jump on board and increase electronic transfer payments, the market will need standardization, economic incentives such as frequent filer miles, and education as many may be too scared about the programs.

What are everyone's thoughts on cashless society?