Swindon takes smart route to cashless society
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.CHARLES ARTHUR
Technology Correspondent
Swindon might seem an unlikely place for a revolution to begin and the local newspaper, the Evening Advertiser, an unlikely weapon to deal the first blow. But this morning a copy of the paper will be bought using "electronic cash" held on a credit-sized card, starting a 12-month experiment that could launch the cashless society.
From today, 500 Swindon citizens will carry "smart cards", which will store cash in the form of electronic digits on a microchip. The holders can load their cards with money from their bank accounts using card-readers attached to the telephone. They can spend it at 700 outlets, including pubs, supermarkets, chemists and petrol stations.
By the end of the trial, up to 40,000 people could be using the cards, supplied by Mondex, a joint venture between the National Westminster and Midland banks and British Telecom.
"Electronic cash is going to cause a revolution," said David Birch, a director of the management consultancy Hyperion, who has worked with Mondex since the idea was mooted five years ago. "It means small sums of cash can be transacted securely, instantaneously and economically."
The cash is held as numbers on the card's microchip, and a card can hold an unlimited amount. When the cardholder wants to pay, the card is put in a reader which transfers the sum to the retailer. The same system can be used over the telephone. "You could order and pay for a pizza at the same time," said Mr Birch. "That means that the delivery man doesn't have to carry cash or change, and the company doesn't have to worry about getting robbed. It's going to change our lives.
However, if the owner loses the card, the money is lost with it, like cash.
"The Mondex office received 5,000 applications to be in this trial before it had even begun the publicity for it. I thought it would be hard to get people to understand quite how radical this idea is. But it seems to have sunk in with some of them."
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments