Is it the Wallet’s End?
Can you believe that PayPal has crossed over hundred million active accounts, as per their recent announcement? Scott Thompson, PayPal’s president, also spoke about a bold prediction apart from delivering this news. He stated that wallets will be a thing of the past in the USA by the year 2015.
A blog post by Thompson quoted that they are focusing on delivering solutions which are not only different and new but are also better than the current norms today, since the focus is now shifting towards digital currency.
He also added that digital currency will be widely accepted all over in the US by the year 2015, right from Walmart to the local corner store. A wallet will not be required at all.
PayPal, to take this idea forward, is also launching a brand new digital currency challenge. It involves questioning five residents from the US Bay area to not use any cash for their purchases but only use digital currency. This challenge will be used more as a way of promotion and will provide an excellent marketing tool to the company,
Even the sister company eBay has been surpassed by PayPal as far as profits and total revenues are concerned in the last few years.
Interestingly, this digital challenge from PayPal is coming in the wake of Google trying to establish its own mobile payment trials in three US cities where the users are checking how payment by smartphone works. PayPal has also accused Google of catching two of its employees to share the trade secrets.