E-Money Affecting Canadian Commerce Essay - 1188 Words

E-Money: Affecting Canadian Commerce The text Out of Control, by Kevin Kelly, is an exciting description of the future as seen by the author, a journalist and optimistic technologist. The predictions presented must certainly be taken as entertaining reading that are intended to inspire visions of the future. The predictions of Kelly have already proven to be inaccurate in the four years since publication. The most glaring example of this is electronic commerce. Canada is quickly becoming a leader in electronic commerce, through online banking and direct payment purchases. The coming cashless society presents several opportunities and problems that were not previously available in the paper money world. Canada is now†¦show more content†¦All around us, records are being taken and our lives are being invaded. Video cameras record our lives in shopping malls, workplaces, schools, and countless other locations. Our telephone and internet conversations can be decrypted and intercepted by outsiders. Targeted marketing tracks our purchases, viewing habits, musical interests, and hobbies in order to send us the junk mail that is most likely to encourage us to part with our money. The introduction of direct payment as we now know it is just another step towards a Canada where everything we do is in the public domain. The technology of Interac and other similar electronic debit systems in other countries allows the consumer to transfer money directly from his or her banking account to the merchant. The merchant (and the financial institution, and the Interac Members group) then have a record of your card number and purchase amount. When your bank compiles this virtual history of your commercial life, this can become an unwanted and powerful marketing tool. Interac claims that such information is used for broad statistical purposes only, but groups such as Electronic Frontier Canada have a different view. You could take the top 20 per cent of consumers and sell that list for targeted marketing. And this is your information, but you have not choice about it being collected and sold., says David Jones, professor at McMaster University and president of ElectronicShow MoreRelatedThe Underground Economy And Its Effects On Canada1522 Words   |  7 Pagesillegal, as long as both the seller and buyer comes to an agreement on the price, they trade privately with cash to avoid being detected. Although many sellers get away with this, at the end of the day underground economy is a continued cycle of affecting the country and its citizens, including sellers and buyers in the black market, mostly its tax revenues will be affected, then the GDP, and finally its ci tizens. 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