Your wallet will be obsolete by 2015: PayPal
Friday 01 July 2011
Internet money transfer company PayPal has just hit its 100 million active accounts milestone, and with it, the company is predicting that mobile payments will supersede physical wallets in the not too distant future.
"Consumers are increasingly giving up traditional payment methods such as cash and checks and turning to a more modern - and anytime, anywhere - form of payment," said PayPal president Scott Thompson in a June 29 post on the company's blog.
"We believe that by 2015 digital currency will be accepted everywhere in the U.S. - from your local corner store to Walmart. We will no longer need to carry a wallet," he added.
The company is so sure about its no-cash prediction, it is asking five of its San Francisco Bay area employees to "use only digital currencies to pay for all their purchases" in a pseudo-competition (read viral marketing stunt) that will be announced on July 11.
A Canadian study conducted by Leger Marketing on behalf of PayPal and released on June 28 found that more than half of Canadians are comfortable with a cashless society.
During an opening keynote at the GSMA Mobile Money Summit in Singapore, Visa's head of mobile innovation, Bill Gajda, announced Visa's vision to convert mobile devices into "true digital wallets" adding that "we're at the dawn of the next generation of mobile money - maybe 'mobile money 2.0.' As an industry we've moved past what software we're going to buy and can now talk about what we're going to do."
Life & Style blogs
This restaurant has misunderstood the concept of 'cheese and biscuits'
My life as a Jew in wartime Berlin: How I outwitted the Gestapo
Tinder Plus: premium service launches, charging much more for those over 28
Running test reveals whether you will die in the next decade
Have sex with your iPad thanks to the new sex toy no-one asked for
New theory could prove how life began and disprove God
End of the licence fee: BBC to back radical overhaul of how it is funded
This is what it's like to be dead, according to a guy who died for a bit
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
- 1 Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face death penalty
- 2 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 3 PornHub turns masturbation into energy in bid to save the planet
- 4 Have sex with your iPad thanks to the new sex toy no-one asked for
- 5 Spiritual leader allegedly manipulated 400 men into removing testicles to be 'closer to God'
iJobs Gadgets & Tech
£24000 - £30000 per annum: Recruitment Genius: A Graduate/Junior Software Deve...
£28000 - £30000 per annum: Ashdown Group: 3rd Line Support Engineer / Network ...
£26000 - £33000 per annum: Recruitment Genius: A Web Developer is required to ...
£45000 per annum: Ashdown Group: PeopleSoft Application Support & Development ...