Money Machine

Checkbooks are definitely old-technology compared with credit cards and PayPal. However, they will probably be around for a while longer. So combining them into the digital economy would be useful, especially for balancing one's checkbook.

The Swedish company Anoto has developed a method for printing a grid of dots on paper. The dots are slightly offset from an exact grid in a specific pattern, allowing the dots to uniquely identify their location. Combining this paper with a pen they have developed that records these dots allows the user to produce a paper and electronic copy simultaneously. This is similar to the CrossPad and the other systems that record pen position, but the Anoto version knows what page you are writing on, e.g. the "Date" section on check number 549. The pen is BlueTooth enabled, allowing it to communicate with the Palm in the checkbook cover. This would allow you to write a check and have it entered in your computer without any extra effort.

Add a wireless connection to the device, and the abilities increase dramatically. By linking to the bank, the Palm could provide up to the minute data on how much you have in your account, and warn you when you are about to write a check for more than this amount. It could remind you of what bills you need to pay before your next paycheck, and remind you of any other expenses that may be coming up. Of course, the Palm could do all the features it already does as well.

Adding a BlueTooth transmitter to the Palm, the user could use the system in place of a credit card at stores or possibly online, with the same warnings and financial advice. It could charge things to various credit cards that you choose, replacing the multitude of ATM/Credit/Phone Cards in your wallet.

Yes, security is a problem with all wireless devices. It would need to be addressed before I'd feel comfortable using the more advanced features. However, the advantages of having a checkbook and credit card combined with a Palm, all without effort on my part, seem like an attractive proposition. Additionally, by charging a small transaction on each fee, banks and credit card companies could give away the device for a small amount.