Research Paper on:
Cashless Society and Banking in the Future

Unformatted Sample Text from the Research Paper:
waiting in long lines are becoming a thing of the past. There is no question that the concept of Electronic Funds Transfer, which has been in the works for  over twenty years, has taken a stronghold upon society with its incredible ease and convenience. The object of the whole system is to one day completely eliminate the use  of cash and paper checks, rendering all retail transactions totally paperless. To be sure, there are a number of advantages to such a system, not the least of which  is the potential for fewer robberies. Still another benefit is no longer having to keep a paper trail of ones transactions. However, in spite of the obvious usefulness  of Electronic Funds Transfer, there also exist inherent problems, as well (Osterberg et al 1). While it can be argued that extraordinary technological advances have certainly "facilitated development of inexpensive,  safe, electronic retail payments" (Osterberg et al 1), the average consumer remains wary of a completely paperless society. This fact is apparent by the insignificant drop in both the  number and dollar volume of paper-based transactions. Because Electronic Funds Transfer is still a considerably new undertaking, people are accepting its advantages only at arms length. "Electronic money  has proved more in demand from machines than from people" (Anonymous 73). After all, it is not easy to break the paper trail habit when that is all one  has known with regard to retail transactions; as well, Electronic Funds Transfers are not yet readily available through all merchants, compelling consumers to apply the wait-and-see attitude. Interestingly, however,  whether or not an establishment ultimately accepts this technology directly depends on projected consumer use, creating a catch-22 situation. "The technology is there but the consumer isnt" (Pyatt d01).