Tagging Credit

Infineon believes its break-through idea on RFID technology will create sand grain sized tags soon. Which means everything could be tagged. So you enter a shopping mall … pick up all the stuff you want … leave the shopping mall and NEVER STOP AT CHECK-OUT. The info on the smart tags immediately uploads to a server which itemizes your purchases, distributes the info to the various stores, and accesses your credit card verification. Ooopps. That is if you have credit card verification. While I love this technology, it does mean the digital divide is increasingly becoming a financial divide. The divide used to mean having enough money for a computer and access. It now may mean having enough credit.

Young folks struggle to manage credit. Over 1.6 million Americans filed for personal bankruptcy last year. This doesn’t take into account the 1.2 billion or so on the planet below the poverty level.

Some claim this type of technology will enable a leveling of the literacy field. But what about the financial field? Love to hear from some of you about this.

Steve Yastrow posted this on July 29, 2004, in Technology.
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