Abstract

This article provides information about advent of the money card or so-called "cashless-checkless" society. Monetary and banking institutions have traditionally controlled the accounting and transfer of funds between buyer and seller. At present, the system involves the cumbersome exchange of some seventeen billion checks each year. Aided by electronic computers, banks can simplify, safeguard, and make more efficient and less expensive the exchange of funds. Starting only some fifteen years ago, small numbers of electronic data processing units began to appear on the American business scene. In those early days this hardware was regarded essentially as an adjunct to bookkeeping and record-keeping systems and there were very few businessmen indeed who appreciated the fact that this same pedestrian hardware would eventually revolutionize the entire fabric of world marketing. With the onset of the bank credit card systems, the financial organizations of the country have quite rapidly begun to learn the techniques of the types of organizations described as having pioneered in this effort.