You have no will power and you know it. You have therefore cut up your credit cards keeping a single one frozen in a block of ice in the refrigerator just in case of an emergency. You finally gotten the monkey off your back that comes with easy access to money you don’t have that a credit card provides. But wait. Retailers aren’t going to let you off that easy.
It won’t be that far off when you can pay with your finger. I started hearing about this a couple of years ago and it looks like it’s a lot closer to reality on a large scale. Here is the part that will send shivers down the spines of all those that can’t control their credit card spending:
Within three months of a pilot program at four Piggly Wiggly grocery stores, 15% of its customers who normally did not pay by cash enrolled in the Pay By Touch system. Those users increased their store visits by 15%, which translates into an additional 7,350 transactions a year. Not only did they come more often, those shoppers also spent 12% more on groceries.
The problem? It’s not quite as easy (and a lot more painful) to cut up your finger and if you freeze it in a block of ice and leave it in your freezer in case of an emergency, the neighbors will likely call the cops on you…