Ministry of Propaganda

Ministry of Propaganda - 04/Mar/2005: "Digital Dosh"

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Digital Dosh

Seems it's time for another hype: e-money, which apparently heralds the end of cash. But then I'm not so sure, for a variety of reasons: The banks here in the UK are still struggling with simple bank transfers, something that was already commonplace 20+ years ago in Germany (one of the few things from Germany I miss here in the UK. It's now possible with online banking, but still fairly uncommon). People are still writing cheques, sending them around, wait for them to show up in accounts, you name it. OK, credit cards are big, but that's mainly because the banks can make huge profits with them. Apart from all that, it's actually an old hat, at least for anyone who lived in Swindon about 10 years ago:

Anyone remember Mondex? They ran a trial here in Swindon in about 1995-1996. I don't remember much of it, I never had one of their cards and can't remember anyone having one either. But as far as I can remember the trial disappeared quietly with more and more people losing interest as well as a variety of technical and security issues.

And now this should bring the end of cash? Dream on...

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