Japan leads the way in electronic money

You will be automatically forwarded in 3 seconds...

Highlight:
People in Japan are using cell phones and smart cards (that also work as electronic keys) to transmit infrared signals to breeze through checkout lines. Automated docking stations are used to convert paper money to e-cash around the country.

Original source:
http://www.indianexpress.com/full_story.php?content_id=84172

Summary:

• Toru Nashimoto, a trim 36-year-old with nary a coin in the pockets of his slick pinstripe suit, confidently strode toward the cashier at a bustling sushi bar to settle his $45 lunch tab.
• He whipped out a thin electronic card and placed it above a scanner that quickly blinked neon blue before emitting a computerized ka-ching.
• Technology analysts say the use of electronic money amounts to a leap forward in commerce and shopping.
• Using cell phones that transmit infrared signals---or, as in Nashimoto's case, a smart card that doubles as electronic keys and lets him earn airline miles---Japanese consumers are whisking through checkout lines, buying everything from sushi to furniture without yanking out their wallets.
• Users can add value to their cards or cell phones at thousands of automated docking stations around the country, where they insert paper money and get credit for e-cash.
• The Japan Research Institute, an economic research group, estimates at least 15 million people here now use e-cash, a figure projected to reach 40 million---about one in every three Japanese---by 2008.
• The number of e-cash transactions reached 15.8 million per month in 2005, more than double last year's figure, according to Japan's two largest electronic money providers.
• The smart cards and phones used are embedded with antennas and integrated circuit chips that allow the devices to receive and emit electronic signals.
• Even lost wallets are often returned to owners intact.
• So the loss of a card or a cell phone loaded with hundreds of dollars of e-cash represents a comparatively small risk.
• Emoney also banks on consumers willing to pay for purchases in advance, the opposite philosophy of a credit card.
• That means people lug around six values of yen coins to make small purchases.
• The e-cash service exploded after DoCoMo added electronic money transmitters to its latest-generation cell phone last year.

See more articles and news on Japan

Stay informed

• 100% free of charge. Unsubscribe anytime.
• Absolutely no spam. We respect your privacy.
• Choose from topics like natural health, renewable energy, the environment, emerging technology and more.
• Receive a free instant download of our $29 Secret Sources guide that reveals top sources for little-known health and diet solutions.

This page powered by the WebSeed Content Management System (CMS) created by Mike Adams.

Pueraria: The Genus Pueraria

Related article:
Good news for menopausal women: You can avoid hot flashes by changing your diet

Free downloadable books and reports on health, disease prevention and emerging technology at TruthPublishing.com.