What Will Happen To The Cash Or The Future Of RF Based Payments
We use wireless technologies really frequently and we really rely on them. We use them not only for communications and data transferring, but for navigation, security and even payments. That's really more convenient. An there are a couple of reasons for it. The first one is in that that RF based payments are more safe than our usual cash. Nobody will be able to steal your money because you simply don't have them with you. They are stored at the bank and your mobile device and basically it makes and verifies the payment. Another positive feature of such a system is that that it is embedded with lots of banking services, you will be able to use your credit card without an actual card, isn't that convenient?
You should also consider the fact that it will also be useful for tourists, because your account is easily convertible, so you won't have to worry about buying enough currency of the country you are traveling too. Another positive feature of the RF based payments is the fact that it is really cheaper. In a matter of fact you'll need far less money to maintain that financial system.
First steps in making all this happen are already taken. All modern smartphones except iPhone 5 have embedded NFC modules that are simply perfect for wireless payments. Those modules can communicate with each other on close distances. Their only disadvantage is that that they are vulnerable to various viruses, because the whole NFC technology is pretty fresh. There are still lots of various malware apps that are spreading through those NFC networks. Some companies are trying to adapt those wireless payments right now. Google, for example.
So that's why we really think that paper money will vanish in a decade. Everything goes to that. Even now we have more digital money in the world, than a real cash. Future is with digital wireless form of payments for sure. Of course there are lot's of problems to be solved, like NFC vulnerability, working range adjustment, verification and multi frequency interface, just in case that there is an NFC jammer nearby.
Another obstacle is the necessity to organize a system of NFC terminals and connect them to banking network. It will require some funds and with some businesses it is just impossible. But we are sure that it will be a great leap ahead for big web stores, because they will be able to create more convenient and user-friendly payment systems.
Wi-Fi jamming devices
We should also be ready to a whole new generation of wireless hackers that will surely appear. It is rather easy to hack a wireless connection, because it's signals are spreading in all directions and you can't do anything about it. It is the same situation as with Wi-Fi networks and hackers. But in that case Wi-Fi jamming devices are solving that problem, why not to use the same tactics here?
As a conclusion we at Jammer-Store Inc can say that we are pretty sure that paper cash will vanish in 5-10 years and we are waiting for it, so our customers will be able to use advanced and far more convenient payment methods.