What you’ll learn to do: explain how technology is affecting the traditional monetary system and the definition of “money”

Virtual wallets, Near Field Communications (NFC), and “Tap to Pay” are all terms that pepper everyday conversation among those who are embracing the “new cash.” As an alternative to traditional “paper money and coinage,” more people around the globe are finding that their money is as close as their smart phone. This advance in technology challenges the traditional monetary system in a way that the Founding Fathers never imagined possible. The marketplace is full of new apps, new systems and new ways to pay for goods and services, and as is the case with any emerging technology, who will be the winner and who will be the loser in this fight for the “virtual currency” market is unknown. In order to understand what is occurring in this space, we will look at several of the leaders of the movement and define some of the terms used to describe the new “virtual wallet.”

Learning Activities

The learning activities for this section include the following:

• Reading: Electronic Alternatives to Raw Cash: The Advent of Cashless Society
• Reading: Bitcoin and Virtual Currencies
• Reading: Mobile Commerce and Mobile Payment Systems
• Self Check: Technology and Money

Take time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.