Advantages of e-currency. Alternative to paper currency.

I had a childhood dream of something unique inside me being associated with currency/ money wherever I go in the world, and the global payment systems automatically bill me or pay me. I used to visualise myself getting onto a bus and the bus’ eCash system automatically withdrawing trip fare from my bank account once I get down from the bus. I even used to think satellites could track everybody on Earth so that no bad people are trying to harm others.

A world without paper currency, but only with eCash, brings many advantages to our global society. Let me list them below-

1. eCash makes transactions faster and easier.
2. eCash avoids the hassle of counting currency.
3. eCash prevents people from standing in queues to pay bills.
4. eCash saves trees and forests and is environment-friendly, unlike paper currency.
5. The eCash system, with reasonable security measures, can put a check on fake paper currency.
6. eCash is easy to carry to any part of the world.
7. Printing paper currency requires much money and effort, whereas eCash doesn’t need them.
8. Paper currency transmits diseases, whereas eCash is safe in terms of health.
9. Once the banks of all nations deduct the tax at the receiver end of all transactions as per the laws of the land, Governments can prevent black money.
10. With eCash, one never needs to go to the ATM or bank.
11. All the transactions can be tracked with eCash, thus following the flow of money globally.
12. eCash, with reasonable security measures, can be free from theft or fraud. eCash can be secured with the DNA of its owner.

I hope the world moves towards a 100% Electronic Cash Age. I wish players like Google Wallet, Apple Pay, and Microsoft Wallet have healthy competition and made this dream a reality.

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Originally published at www.vasanth.co.in.