More and more people are noticing the rapid shift from cash and checks to electronic payments. Earlier this week, Canada announced it will withdraw the penny from circulation, citing high cost of production, transportation, storage and handling. Just today, the New York Times hosted a debate on its website highlighting differing viewpoints on currency and how to “bring dollars and cents into this century.” There are a number of interesting suggestions – including redesigning bills, eliminating the penny and replacing the text on coins.
One concept discussed – switching to a digital alternative – is already underway. As you may have seen, we recently published a number of blog posts about the increasing benefits of moving towards a cashless society. Among them was convenience, reliability, speed – but one of the most crucial advantages is security. We take our cardholders’ security seriously, and have worked hard to protect them as more people turn to electronic payments as a way to exchange currency. You can learn more about these security measures here.
We’re excited that so many people are getting involved in the debate on digital currency – and look forward to hearing more points of view. We’ll definitely be talking more about it on the Viewpoints blog and hope you can join us . What are your thoughts on the future of currency?
Posted by: Erica Harvill, Visa Corporate Relations on April 5, 2012 at 3:20 pm