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What are the Effects of information communication technology in a cashless economy?
Wiki User
∙ 12y ago
A simple explanation of ICT is to think of it as how Computers affect storage, transmission, reception and interpretation of information from one location to the other, and basically a cashless economy is an environment in which money is spent without being physically carried from one person or the other.
The first issue is the issue of an electronic purse. This is an electronic information transmitted to a device which reveals the information about how much a person has stored in the bank, and how much he can spend.
Essentially, the information is accessed through a storage medium (smartcard) which contains a unique electronic blueprint that is associated with the individual, and can therefore be delegated to identify him whenever it is presented.
As transactions are carried out, the amounts spent are also electronically transmitted back to the bank, so that the balances are adjusted. This takes the forms of spending and depositing funds in the bank.
The availability of ICT means that less of human interventions is required to identify, access and transmit the value of a person's bank balance, as well as to update it.
ICT means that other technologies can converge to make cashless transactions possible. Online shopping, for example is possible in which neither the buyer or seller need to see each other to even transact business.
Wiki User
∙ 12y ago
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