Electronic forms of payment


Case Scenario:

Much debate surrounds the use of biometrics. Many people like it because biometrics can provide identification and increase security. Other people see it as a tremendous invasion of your privacy. Just as you read in this chapter, a bank¿by using biometric identification¿may be able to tell if a woman is pregnant. So, the greatest challenge to overcome is not technological but rather societal. What do you think needs to happen for society to accept the use of biometrics? How long do you think it will be before society accepts the use of biometrics? In what year do you believe the U.S. federal government will begin requiring a biometric of every newborn child?

Digital cash is destined to greatly impact the use of coins and folding cash. What sort of future do you foresee if we do away completely with traditional forms of currency and just use electronic forms? Will this help eliminate the digital divide or will the digital divide provide a barrier to the widespread use of electronic forms of payment? Justify your answer.

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Accounting Basics: Electronic forms of payment
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