Maybe - Maybe Not
the comments made by this erstwhile technology guru from M/C may be true - maybe there is around 80% already being made through contactless transactions....I don't know the figures.
If its true then I must surmise that this technology, and the methodology with which it is all being used, is probably very responsible for the sad state of affairs in which we find ourselves. Its quite flawed. Surely if the way we operate now was all great and sound then we would not have the high levels of financial fraud and identity fraud due to phone Apps and contactless credit card use. Surely the way we are conducting our business now is part of the problem and maybe we should be looking at other technology that is in line with what Smartmetric says it is trying to bring to market.
In any case I cannot believe that we will all be using sexy Apps and other "wearables" within ten or so years. I acknowledge these institutions will try to make it that way and make it hard for those who resist. There is a huge number of people here and around the world that are not capable of moving that way - away from cash to cashless; eg. due to their inability to operate such technology (age demographics ??) or their complete unwillingness to abide such terrors in their lives.
The opinion of many is that this is all just the way the banks and financial institutions want us to go for their benefit as business owners trying to get rich, not our wants as consumers trying to protect and properly use our wealth. Because we hear them talking this way and creating such pathways (the so-called sexy technology that makes our lives easier) does not mean that it is the best way to go (and time and time again we see evidence about how it lets us down and creates a direct pathway to fraud that we all have to suffer and then pay for). Have a look about at the all the financial fraud courses at training institutions these days and note where the problems lie, and then look at the way these banks and others are trying to steer us. I want to use the big "C" word but I dare not.
I do agree, without being a subject matter expert, that it is likely the USA will be one of the last countries to move away from credit cards though. Goodness! How long did it take for them to move to Chip technology and away from the simple magnetic stripe?!
