Bangalore: There is probably one thing, which technology at its supreme is not yet able to completely hold a control on- Cash.  Even though many technologies exist like Bitcoin, which can substitute cash, they are not yet recognized in a wider way. Cash powers the black markets in all countries, encompassing tax evasion, drug trafficking and money laundering.  And the only thing which would be able to stop all this is- mobile phones!

Hear this from David Birch, head of the UK electronic transactions consultancy firm Consult Hyperion, “All the problems are caused by the ever widening tax gaps between different income brackets and the best way to address this issue is by replacing cash with mobile phones.”

But you will be thinking how?  With the advent of technologies including NFC payments, Google Wallet, and Apple's Paypass, Birch firmly believes that the mobile phone will be the only technology capable of getting rid of cash.

"That's because the mobile phone is a point-of-sale (POS) terminal, not because the mobile is a card," Birch said to ZDNet. According to him, the Smartphone intake around the world is soaring and everybody will soon be having at least one or two in hand. Thereby, each will be having a POS terminal in their hands, freeing themselves from cash.

"If the payments industry made a concerted effort with regulators and law enforcement bodies to use this technology to drive out cash, everybody would be better off," Birch said. "The social cost of cash goes down, and it has other benefits as well."    

And the best part of all these, according to Birch is a world free of money related crimes. "The reason why I love mobile and hate cash is because there is a moral component to it — things like this can make a big difference," he said.