Cashless Economies: IoT Payments Making it a Reality

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Since the invention of cash, most people have seen it as an absolute necessity. Only science fiction writers and their fans envisioned the day when it would be rendered obsolete. That began to change with the arrival of mobile payment apps that made it easy for anyone, not just big stores, to accept money in forms other than the standard cash, checks, and credit cards.

Now, however, cash is being seen as more than an inconvenience. Recent events in India and Venezuela, where badly-handled mandates to remove bills from circulation resulted in chaos, riots, and looting, show that it can be a huge liability. There, inflation had rendered the most popular denominations almost worthless, so the governments simply ordered them removed from circulation. This left the people with no way to pay for things before they could exchange their bills for the new ones.

Such problems wouldn't exist in an economy that didn't rely on cash. Fortunately, solutions already exist that make the transition to a cashless economy possible. One solution for transitioning to a cashless economy is mBeaconPay.

mBeaconPay is a cashless terminal that works at all sorts of points of sale. What makes it different from traditional POS systems is its mobility. This is a great help for vendors and service providers who need to be able to complete transactions away from a cash register. Customers will love being able to charge or otherwise pay for things even when they're miles away from your store or office.

Thanks to this type of technology, the dream of bringing cashless transactions to an entire society is not out of reach. Someday soon, every vendor will be able to accept electronic payments wherever they are. Then, there will no longer be any need for cash.