Article Summary Memo

IDIOTA

Topic: The Death of money

I. Professional Summary

Funds has long been the major method persons used to shell out. However , recent trend showed that funds is being replaced by various other paying strategies. Miguel Helft, the author in the article " The Death of Cash” in Fortune July twenty three, 2012 edition, described this kind of trend by simply introducing Jack Dorsey, the Twitter co-founder, who is setting up a new cashless payment business with his company, Square. Initial, the author described the cashless future, produced from the technology developed by Rectangular, while likewise explaining regarding the enormous business size of the near future cashless obligations. Then he illustrated a lot of problems and obstacles in pursuing this future. Finally, he explained the potential of cashless future, simply by mentioning the demands of the people in the usa for the use of new cashless repayment technology. 2. History of Payment Types 1950 – Present

Credit card was invented in the 1950s. As the internet network technology developed, persons became free of time and space barriers in payments. Recently, Square created a credit card audience that ear canal into a smart phone. This device catalyzed transaction method, lowered transaction fee, and ultimately led people to pay even easier than before. At this point " with powerful cell phones and tablets” (121), Square developed programs called " Pay With Square” and " Sq Register”. " Pay With Square” can be an application that allows visitors to pay solely by their cellphones; customers do not even ought to pull their cell phones out of their pockets. " Sq . Register” is definitely an application that " allows vendors to run shops from a f iOS device” (121). The app monitors customers and inventories. Therefore , not only it provides discounts and loyalty discounts to the customers, but it also permits the stores to design ways of deal with all their consumers. With Square's progressive technology, large technology companies' intervention, and Americans' with regard to new payment method, portable...