The Atlantic praises the new Starbucks-Square deal and the future of a cashless society, suggesting that point of sale methods are outdated and expensive while cashless solutions humanize “the interaction by making the point of contact all about two people’s faces rather than a credit card and a swiper.”
“Frictionless transactions make us forget about money,” which is both a good and bad thing, explains The Atlantic. Increasing purchasing ease is certainly good, but in a nation that already struggles to save money, it is dangerous to make spending money easier.
Another attractive feature is that cash free payments create massive troves of data. This could allow people to receive texts about deals for products that interest them in the area, or simply help economists better understand cash flow.
Wired explains what the future could look like: “You’re walking down the street. It’s hot. The Starbucks a block away sends you a message that your favorite hot-weather order — venti skinny latte on ice — is available to you at a dollar off. You accept the offer, and with a few taps, add an almond biscotti to the tab. Then you stroll into the Starbucks. Everything is ready when you arrive — you simply pick it up, the barista checks out your punim, and you’re out the door.”
Cashless payments could also help people monitor their money better, as users could set up services to budget themselves wirelessly.
The Atlantic does warn that cashless payments could lead to more crime, as hackers can target software.
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