Notes Currency And Its Future

2165 WordsMay 2, 20169 Pages
Paper Currency and Its Future Currency has long been used as a tool to purchase things like goods and services. The many transactions of these early times involved the exchange of both coins and paper. However, in our modern era of cell phones and plastics, these primitive methods of payment may be coming to an end. With the introduction of credit cards and easy payment via cellular, this outcome may not be very far off. Credit cards, in many cases, are more reliable and secure than that of paper currency. Many card companies today aren’t aiming towards making paper currency obsolete, instead then are seeking to exterminate it entirely; having only there method of payment. On the other hand, paper currency does have its perks. An example…show more content…
As a major upcoming financial service, Visa dominated this early market by establishing partnerships with major banks throughout the country. Soon after, other financial service holders came online including MasterCard and American Express. Paper and coin based payment has always reigned supreme when it came to paying for goods and services on demand. Early forms of paper currency were known as banknotes and could be traced back to early Asia during the Tang Dynasty. Merchants would complain over the heaviness of carrying around coins and would instead be found using paper banknotes as a method of both payment and credit. It wasn’t until the late 17-century that English banks began printing their own modern version of paper currency. As time went on, method of security were added to banknotes by having them made out of paper that was then combined with materials such as cotton and plant fibers. Also intricate drawings were added as a way to prevent counterfeit. The physiological tendencies that conspire with credit have to do with a person’s sub conscience which allows them to purchases things that they normally couldn’t afford. According to Emily Birken and her article on the manipulations of credit, credit cards pose a serious threat to a person’s wellbeing in the case of going into debt. Birken uses the term present bias as way to label this phenomenon. The message that she gives is that
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