It's one of those vast social upheavals that everyone understands but that hardly anyone notices, because it seems too ordinary: The long-predicted "cashless society" has quietly arrived, or nearly so; currency, coins and checks are receding as ways of doing everyday business; we've become Plastic Nation.The beauty of Plastic Nation, as reported in today's New York Times, is that you don't have to be a bank to be a bank. You can be Wal-Mart.
Wal-Mart money centers already cash checks, sell money orders and offer Discover cards. Now they'll take "demand deposits" via prepaid debit cards.
Possibly coming soon: home loans, car loans, etc.
Wal-Mart's debit card is targeted at the low end of the financial market — folks without bank accounts. But the company is known to seek more upscale customers for its clothing and housewares. Don't be surprised if Wal-Mart's money centers expand to include sellers of insurance and investment products.
Trust services may take a little longer.
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