Article Summary Essay of "The Death of Cash" in the "Fortune" July 2012 Edition

Topics: Credit card, Mobile phone, Payment Pages: 3 (829 words) Published: December 4, 2012
Article Summary Memo

Topic: The Death of Cash
I. Executive Summary
Cash has long been the major method people used to pay. However, recent trend showed that cash is being replaced by other paying methods. Miguel Helft, the author of the article “The Death of Cash” in Fortune July 23, 2012 edition, described this trend by introducing Jack Dorsey, the Twitter co-founder, who is setting up a new cashless payment business with his company, Square. First, the author described the cashless future, derived from the technology developed by Square, while also explaining about the enormous business size of the future cashless payments. Then he illustrated some problems and obstacles in pursuing this future. Lastly, he stated the potential of cashless future, by mentioning the demands of the people in America for the use of new cashless payment technology. II. History of Payment Types 1950 – Present

Credit card was invented in the 1950s. As the internet network technology developed, people became free from time and space barriers in payments. Recently, Square developed a credit card reader that plugs into a smartphone. This device catalyzed transaction process, lowered transaction fee, and eventually led people to pay even easier than before. Now “with powerful smartphones and tablets” (121), Square developed apps called “Pay With Square” and “Square Register”. “Pay With Square” is an app that allows people to pay solely by their mobile phones; customers do not even need to pull their cell phones out of their pockets. “Square Register” is an app that “allows merchants to run stores from an Apple iOS device” (121). The app keeps track of customers and inventories. Therefore, not only it offers discounts and loyalty deals to the customers, but it also allows the merchants to design strategies to deal with their consumers. With Square’s innovative technology, giant technology companies’ intervention, and Americans’ demand for new payment method, mobile...
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