The Scrip Device by New Deal Design Acts as a Replacement for Cash
Mishal Omar — September 22, 2016 — Tech
References: newdealdesign & dezeen
New Deal Design has created a payment device that aims to revalue financial transactions that quickly became underappreciated with the rise of credit and debit cards.
It has been shown that exchanging money through tactile means, namely through cash, reduces the amount of money people spend. Card-swiping transactions make life more convenient, but the value of money is less appreciated through this process and people are likely to spend more of it. 'Scrip' is a payment device that incorporates the tactile benefits of cash with the convenience of digital transactions. The resulting device has a textured oblong shape on which users make swiping and pushing movements "designed to mimic the handing over of cash to pay for items." The device could also be used to withdraw money from banks, to exchange currency when traveling and to exchange money between individuals. The device connects via Bluetooth to smartphones.
This tactile payment system by New Deal Design works to decrease spending habits and have users experience either the stresses or the sense of satisfaction that comes with spending cash.
It has been shown that exchanging money through tactile means, namely through cash, reduces the amount of money people spend. Card-swiping transactions make life more convenient, but the value of money is less appreciated through this process and people are likely to spend more of it. 'Scrip' is a payment device that incorporates the tactile benefits of cash with the convenience of digital transactions. The resulting device has a textured oblong shape on which users make swiping and pushing movements "designed to mimic the handing over of cash to pay for items." The device could also be used to withdraw money from banks, to exchange currency when traveling and to exchange money between individuals. The device connects via Bluetooth to smartphones.
This tactile payment system by New Deal Design works to decrease spending habits and have users experience either the stresses or the sense of satisfaction that comes with spending cash.
Trend Themes
1. Tactile Payments - New Deal Design's Scrip Device aims to bring back the value of cash transactions through tactile means and convenience of digital transactions.
2. Textured Payment Devices - Scrip's textured oblong shape provides a unique user experience that mimics the handing over of cash to pay for items.
3. Digital Cash Replacement - Scrip could pave the way for a new type of digital payment system that combines the benefits of cash and digital transactions.
Industry Implications
1. Financial Technology - The financial technology industry can benefit from incorporating tactile payment systems into their offerings to provide users with the experience of physically handling money.
2. Retail - Retailers can use tactile payment devices like Scrip to decrease spending habits in their customers and increase the value of transactions.
3. Travel - The travel industry could use Scrip as a means for travelers to easily exchange currency and withdraw money from banks while providing a unique experience.
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