Is The Paper Money Going To Die?

January 23, 2020June 13, 2021 Stan

If the figures all over the world are added together, there are about five billion mobile phones being used currently, and the number is sure going up. Sam Pitroda, the technology evangelist has predicted that the paper money would die within 30 years due to efforts being made by the banks, mobile companies and other stakeholders. He says the paper money would soon disappear due to digital transactions, thanks to the introduction of his latest innovation, the digital wallet. Sam Pitroda’s earlier innovation, the Casio digital diary was a runaway hit all over the world.

Paperless World Would Be a Better World

He asks if we can make our offices paperless, why not banks and our wallets? He predicts all the mobile service operators will adopt the technology sooner or later, especially due to declining revenue per user for the mobile companies. People are more like to pay for these services, since these would be value added services.

Foolproof Concept

He is especially confident about the security aspect, saying that it is a foolproof concept he has come up with. He further says having about a billion people connected with the help of cell phones; India is going to be an economic powerhouse in the sphere of digital transactions. He predicts even social service, education and health will move towards paperless transactions soon enough.

Very Convenient

In the live demonstration presented by Sam Pitroda, he explained his idea using four large icons on his cell phone screen, which included wallet, bank, my-commerce and my-city. All the plastic cards and bonuses have their imprint in the cell phone which can be used by the mobile phone owners as per their convenience.

India Is Only Behind China

In terms of mobile connectivity, India is only behind China which has 795 million cell phone connections against 650 million connections in India. He says we may not realize it right now, but things cannot continue the way they are in the face of technology onslaught. In future, the handsets will be storing all the personal data including those related to health, education, lab tests and what not. In US the idea of conducting examinations on cell phones is also under trials and we will soon know how to make it feasible.