According to Scott Thompson, the President of PayPal, digital currency is set to takeover completely by the year 2015 (in the US) and people would no longer be seen carrying around wallets (at least with cash inside). He adds that consumers are steadily switching to newer, faster and easier ways of monetary transactions and that “traditional” payment methods like cash, cheques and even debit cards might be soon out of fashion.
This sure is fantastic news for PayPal which is in the business of handling online and mobile based transactions.
Thompson cited the example of retailer Harrods which recently announced that it will no longer accept cheques as a payment means. PayPal expects that it will process $ 3 billion worth of payments just over mobile phones in 2011. This opinion was expressed in a blog post by Mr Thompson to announce that the company now has over 100 million users.
Anyway, we do not think this is going to happen in India any time soon thanks to some of the restrictions brought in by PayPal to “comply” with RBI guidelines. More on that here!
That aside, do you think the Wallet is actually going to die an unceremonious death?
