Paying by Phone Has Whole New Meaning, Growing in Popularity in Arkansas

by Mark Friedman  on Monday, Jan. 14, 2013 12:00 am  

David Wolman, the author of “The End of Money,” said the Square “provides us with a glimpse of what the future will be in terms of speed.”

He said the days of cash were numbered because of the hidden costs associated with it, including employee thefts and the time spent traveling to the bank to deposit it.

Plus, “there’s a cool and convenience factor of mobile payments and mobile money,” Wolman said.

Still, people shouldn’t start preparing the obituary for cash, Kenneally said.

“We’ve been predicting the end of paper checks for 40 years,” he said. “It’s a lot easier to introduce a new payment channel than to get rid of one.”

 

 

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