1. Predictions of a cashless society have been around for decades, but they have not come to fruition. For example, Business Week predicted in 1975 that electronic means of payment “would soon revolutionize the very concept of money itself.” Pilot projects in recent years with smart cards to convert consumers to using e-money have not been a success. Mondex, one of the widely advertised, early stored-value cards that was launched in Britain in 1995, is only used on a few British university campuses. In Germany and Belgium, millions of people carry bank cards with computer chips embedded in them that enable them to make use of e-money, but very few use them. Why has the movement to a cashless society been so slow in coming?
2. Although e-money might be more convenient and may be more efficient than a payments system based on paper, several factors work against the disappearance of the paper system. First, it is very expensive to set up the computer, card reader, and telecommunications networks necessary to make electronic money the dominant form of payment. Second, electronic means of payment raise security and privacy concerns. We often hear media reports that an unauthorized hacker was able to access a computer database and to alter information stored there.
3. Because this is not an uncommon occurrence, unscrupulous persons might be able to access bank accounts in electronic payments systems and steal funds by moving them from someone else’s accounts into their own. The prevention of this type of fraud is no easy task, and a whole new field of computer science has developed to cope with security issues. A further concern is that the use of electronic means of payment leaves an electronic trail that contains a large amount of personal data on buying habits. There are worries that government, employers, and marketers might be able to access these data, thereby encroaching on our privacy.
4. The conclusion from this discussion is that although the use of e-money will surely increase in the future, to paraphrase Mark Twain, “the reports of cash’s death are greatly exaggerated.”
Ex. 1 Decide whether the information is: True False Not stated
Mondex e-cards are widely used in Britain.
Ex. 2Decide whether the information is: True False Not stated
E-money guarantees the disappearance of the paper system.
Ex. 3 Decide whether the information is: True False Not stated
Security issues are typical of Windows Operating Systems.
Ex. 4 Decide whether the information is: True False Not stated
Cash will still be around for some time.
Ex. 5 In what paragraph (1, 2, 3, 4) is there the following information?
Systems of e-payment allow to obtain information about personal data.
Ex. 6 In what paragraph (1, 2, 3, 4) is there the following information?
Not all people who hold bank cards use them for e-payments.
Ex. 7 Answer the following question: Why has the movement to a cashless society been so slow?
· To service a bank card is very expensive.
· Many people do not have computers.
· There are worries that authorities might access personal data.
· Cash is more convenient in everyday life..
Ex. 8 What is the main idea of the text?
· A lot of people in Europe don’t use e-payment systems.
· It is very expensive to set up telecommunications networks.
· Hackers often steal funds from e-payment systems.
· Systems of e-payment are not quite safe.