READING- UNID 3 LESSON 2

Money has changed dramatically over the last hundred years. We have
moved from cash to cheques, to credit cards and more recently to internet
banking and payments by mobile phone. So what will money look like in the
next couple of decades?

Credit cards are still popular, but cardless systems of payment are set to
catch up. Uptake of Apple Pay, which allows you to use your mobile phone
to make payments, has been slow – it is estimated just 1% of transactions
are currently made this way. But this figure is expected to grow in future, as
all of our financial data will be stored inside our phones. By 2025, we won't
be using credit cards any more; we will have moved to paying for everything
by phone.

Some businesses, such as the Redland's Restaurant Group, are even

planning to go completely cashless. 'All our customers are going to have to
pay by card or Apple Pay,' says Simon Jenson, CEO. 'This means we won't
have to count cash at the end of each day, and we won't have to take it to
the bank, all of which takes time. Plus, insurance premiums will be lower,
since we won't have any cash on site.'

Beyond 2025, we may not even need a phone to pay for goods. 'We will go
into a retailer and they will recognise us, either through our face print, voice
or thumb print,' says Tony Craddock, Director General of the Emerging
Payments Association. 'We'll pick the goods we need, leave the store and
money will leave our accounts. That's not paying, that's a pleasure.