Future of Money Transactions....

From the time we started barter system, Till today Money( Mode of Exchange) almost ruled people. Money is one product that we have created for our convenience and that has outgrown from the stage of convenience to a must need. Its more like a Beautiful Girl friend..We are happy that it is with us, but we are always tensed not to lose her and even some.. to get a more beautiful girl friend...

ATMs , the major slide in banking and how people deal with money.. Before their existence, we had to face the problems of long queues , angry bankers, forms .etc. .. One thing that ATM has helped us is with amount of "time".. I write this blog to speak out my idea of how the money transactions may turn in the near future.. Now even with the ATMs we face the queues, there are robberies .. I looked in yesterday's paper where they carried away the total ATM of around 30 Kgs... All this will lead to newer ways to implement money transactions.. I present my musings in the subsequent blog....

1) ATM@H:: Lets say that the time in which this gets implemented, There is no notion of Currency with customized National emblem on one side, mahatma to the other side to a note... There will be the concept of "e-money", Where the technology will be developed so much that there is no way the e-money can be generated by any other means except from the RBI's web site. The "e-money" can be accessed from the individual's bank site which in turn hits the RBI's web site.
There will still be the concept of accounts, where in people can access and deposit their money. An individual will have a web interface in which he can generate his money (any denomination with a universal limit of min and maxx of course). While going out for the work, he gets in to the site and print his amount and carry it.. It will just be like our "e-ticket". This should explain the concept of Automatic Teller Machine @ HOME (ATM@H). Below is a pictorial representation of the concept we just took a look......

2. ATMA:: (Automatic Teller Machine Anywhere)...
Gadgets are the fast growing products in the world.. The time we were talking comes when a person does his work mostly through his gadgets... Now wat's ATMA.. This will be a chip/add on for the mobile with this, you can print out the e-Money anywhere and at anytime.. The chip/add on will be provided by individual bankers and the money you generate will follow the same rules as your e-money. This is "t-money"(Telephonic money).. The cell phone will generate a slip which will be counted as your money.

These 2 things may be a long stretch, but there are no surprises even if something of this happens in the near future.. I understand the amount of technology and cryption that should be integrated with this idea to make it work.. But, Just a Musing............