The Royal Canadian Mint has announced a new initiative that will allow consumers to pay digitally, rather than using paper or metal money.
Dubbed "MintChip," the new system uses small microchips to complete transactions. Money is transferred from chip to chip via encrypted data, allowing quick transactions with no transfer of physical objects, reports The Toronto Star.
The move will use Near-Field Communications (NFC), which is already seen in smartphones and some credit cards that have "tap to pay" features. The difference is that MintChip will not be tied to a bank account or credit card, making it more akin to money held in a wallet.
The move to digital money is another step toward an increasingly paperless world. Already, many businesses are renting self storage space for filing cabinets and other documents, now that copies of those files can be stored on computers.
As the world grows digital, many are turning to online storage for their documents. However, it's always a good idea to have physical backups. Jiffy Self Storage is a leader in Toronto storage and can provide plenty of space for important files and other items. Those interested in learning more should visit Jiffy's website, where they can enter to win a free iPad 3.