Academic journal article ABA Banking Journal

There's No Stopping Convenience

Academic journal article ABA Banking Journal

There's No Stopping Convenience

Article excerpt

A recent story In The Wall Street Journal died an uptick in sales of flatbed credit card imprinters due to data breaches.

Cyberfraud, data breaches, hacks, malware, identity theft, and the whole nefarious mess poses a very serious threat on many levels. Will people pull back en masse from the use of digital means of exchange and commerce? Anything's possible, but it's unlikely. As an approximate analogy, the mass adoption of automobiles led to a wave of accidents and injuries, yet people did not stampede back to horse-drawn carriages or walking. They liked the convenience too much--and the experience.

The same is true with e-commerce. If you doubt this, visit Walt Disney World in Florida. The entertainment giant has spent over a billion dollars developing and installing MyMagic+, a highly sophisticated electronic system for entry, identification, and payments.

All visitors to the Magic Kingdom, Epcot, and other venues within Walt Disney World now enter using a Disney-issued card or a wristband called a MaglcBand. Going by recent firsthand experience, the vast majority of park visitors wear MagicBands. Given that Disney visitors come from all over the world, from all backgrounds and age groups, this is a striking statement about people's love of "cool" devices and what they can do. And the colorful wristbands do a lot.

Embedded with an RFID tag they are used as a hotel key, a park pass, a FastPass+ card (Disney's system to help manage line wait times), a payment device (used with a PIN), and even to download photos taken by Disney photographers. …

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