Future of Money

It’s Flexible, Frictionless and (Almost) Free – Cash in the clouds—neither paper nor plastic – Wired

The banks and credit card companies have spent 50 years building a proprietary, locked-down system that handles roughly $2 trillion in credit card transactions and another $1.3 trillion in debit card transactions every year.

PayPal’s cofounder launched the company as a means of creating a stateless monetary system: “It will be nearly impossible for corrupt governments to steal wealth from their people.” – a friction-free shadow economy in its own right.


  • What if people could transfer money over Twitter for next to nothing, simply by typing a username and a dollar amount? Linking users’ Twitter accounts to their PayPal accounts: Twitpay.
  • Square, a new company founded by Twitter cocreator Jack Dorsey, lets anyone accept physical credit card payments through a smartphone or computer by plugging in a free sugar-cube-sized device.
  • A startup called Obopay, which has received funding from Nokia, allows phone owners to transfer money to one another with nothing more than a PIN.

In 2009, US consumer credit card debt saw a sustained drop for the first time in decades, falling for 10 straight months.



Moving money, once a function managed only by the biggest companies in the world, is now a feature available to any code jockey.

pdf_icon View the electronic version of ‘Modern Money Mechanics‘.

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