OUGD505 Studio Brief 1 - The Future of Money

OUGD505 Studio Brief 1 - The Future of Money

Banknotes have increasingly been displaced by credit and debit cards and electronic money transfers. Some governments, such as Canada, are considering replacing paper notes and coins with digital currency. Sweden has begun implementing digital currency.

Cash is King for the Future of Money

“Even though we’re using credit and debit cards more than ever, people still have cash in their wallet,” says chief executive Martin Sutherland, pictured left. “It’s convenient, it’s free at point of use, classless – not everyone has a bank account - and most of all, it’s reliable. “Cash is the payment mechanism of last resort, it will still work when there’s a power cut or the card reader won’t scan.” As well as security measures known only to central banks and De La Rue itself, there are more obvious features, such as the silver foil running through notes, holograms and ultraviolet inks.

My interpretation

Although we are in a digital world, I believe physical money will still stay in tact for security measures, accessibility and also to keep the sense of history bank notes have. People trust and rely in physical money and not everyone is open using digital currency. Banknotes also convey a sense of patriotism as each currency design proudly displays part of the countries history, culture and achievements. Although there is disadvantages to physical money and there is a real chance (currently being implemented by Denmark) of changing to digital currency - this is not doing to happen in the near future therefore there is still a future for money.