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Reading bank 4 © Oxford University Press
Reading bank
Electronic money
We’ve used home computers and the Internet for banking 
since the 1990s. Is the ‘mobile wallet’ going to replace cash?
It’s now possible to pay for things in a shop by standing near the till and tapping 
an app on your mobile phone. ‘Wave-and-pay’ technology allows electronic 
devices to communicate when they are near each other. Shoppers can add 
money to their phones electronically, and shopkeepers’ devices can take money 
in exchange for goods. Soon, some experts say, all mobile phones will have this 
technology.
Imagine the convenience. Most of us carry a mobile phone, and with electronic 
money, we would never worry about having enough cash. We could top up the 
phone’s ‘wallet’ online, from a bank account, and never think about having the 
correct change for the bus. Using the phone’s software, parents could give their 
kids money that could be spent only on certain things – books and pencils, for 
example, but not sweets or soft drinks.
But don’t give up on cash yet. Very few phones have the wave-and-pay 
computer chip, and most shops don’t have wave-and-pay readers. Security is 
also an issue. Some experts warn that thieves may be able to steal your money 
simply by standing near you. Wave-and-pay doesn’t always use a personal 
identification number (PIN). A hidden reader in a thief ’s pocket might be able 
to take your money without you knowing. 
We won’t give up cash this year or next, but some experts believe that by 2030, 
all money will be electronic.
1 Digital technology
1 How often do you use each 
method of payment (in shops, 
to pay rent or bills, to pay for 
services)?
1 Cash
2 Cheque
3 Credit or debit card
4 Electronic bank transfer
2 Read the text. Mark each 
statement T (true) or F (false).
1 Wave-and-pay is a way for 
shoppers to buy things. 
2 Wave-and-pay uses technology 
that already exists in all mobile 
phones. 
3 Shoppers can use wave-and-pay to 
transfer money directly from their 
bank to the shop’s till. 
4 The technology might easily 
allow parents to control their kids’ 
spending. 
5 Wave-and-pay is even safer than 
cash because no one can steal it. 
6 Paper money and coins probably 
won’t be used five years from 
now. 
3 Answer the questions.
1 Do you use wave-and-pay now? 
Where and when?
2 Do you think wave-and-pay is a 
good idea? Why or why not?
3 Do you believe paper money and 
coins will disappear by 2030? Why 
or why not?