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Economic Perspectives, Vol. 4, No. November/December, 1980
Electronic Funds Transfer: Revolution Postponed
In the early 1970s it was fashionable to speak of the future of electronic funds transfer (EFT) as an inevitability that would be upon us before we knew what was happening. Such terms as "a whole new ballgame" and "the checkless society" entered the vocabularies of bankers and financial writers with little criticism and less resistance. Now, ten years later, it is clear that the prophecies of a revolution in EFT were premature. Checks are still with us and their volume is greater than ever. Nevertheless, just like Peter's repeated, oft heeded, but finally ignored cry of "wolf!," the glowing promise of EFT appears at last to be coming true.
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