The following is an unedited reprint of an article called "Don't Count Your (Digital) Chickens," which I posted here on July 31st, 2011. Note that date!!!
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As this (relatively) recent article points out, Paypal President Scott Thompson predicts that by 2015 -- yeah, only four years away, fellow babies -- the wallet will have become a thing of the past.
Mr. Thompson is quoted as saying “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.”
In a word, "Yeah, right."
(Okay, okay, that's two words -- my fabled math skills deserted me for a second, it seems -- but you get my freakin' point.)
Let's face it, a man in Mr. Thompson's position is more than just a tad biased on this subject. Add to that a smidgen of wishful thinking, I suppose...
I'm just trying to think of how his electronic-only money system would work at a flea market, a neighborhood yard sale, or when you want to hit your friend Bill up for a twenty-dollar loan until Friday.
Maybe someday, but within four years? As I said above, "Yeah, right."
Oh, by the way: This is Scott Thompson...
Let's face it, a man in Mr. Thompson's position is more than just a tad biased on this subject. Add to that a smidgen of wishful thinking, I suppose...
I'm just trying to think of how his electronic-only money system would work at a flea market, a neighborhood yard sale, or when you want to hit your friend Bill up for a twenty-dollar loan until Friday.
Maybe someday, but within four years? As I said above, "Yeah, right."
Oh, by the way: This is Scott Thompson...
...not to be confused with this other Scott Thompson, who does a terrific impression of Queen Elizabeth II.
Just sayin'.
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Here it is, six years later, and I'm not giving up my wallet anytime soon. If nothing else, I need someplace to carry that "list of medications" my doctors always want me to bring to appointments, even though they already have all that information in their damned computers!
I was reminded about my old post by this article, entitled "The end of cash? Cards now account for more than half of retail purchases, BRC finds," which says that last year in the UK, more than fifty percent of retail sales were paid for with cards for the first time.
I still say wallets won't "vanish" anytime soon. Where else would we carry all those credit and debit cards?
Ah, well. See you in another four years?
Thanks for your time.
haha yeah, I just laugh at that stuff. Like one said in 5 years we'd all have self driving cars, pfffft, yeah right.
ReplyDeleteThe thought of "self-driving" cars scares me to death!
DeleteMy wallet is packed with credit cards and cards that give me a discount in certain stores because the store can't simply give the discount to everyone. They make me carry around more cards if I want my two cents off. Scott needs to push his glasses up on his nose. They're annoying me.
ReplyDeleteLove,
Janie
By the way, Scott Thompson left PayPal in 2012.
DeleteI often wonder why those discount cards at retail and grocery stores are used. I think it's a way for "them" to keep track of our buying habits. But whenever you don't have a card, the cashier is more than happy to use his or her own numbers to give you the discount anyway.
DeleteI have a store card that gives you 5 cents off gas at a participating station. I do enjoy that as I need food anyway and their prices are fair. The cards do track what you buy. There was a recall on a product I bought and they called me to tell me to return it to the store for full credit. In today's world someone is always watching.
DeleteThat's for sure.
DeleteAt Winn-Dixie the cashiers don't use their numbers to give me a discount. Maybe it's me and no one else, and I am NOT paranoid.
DeleteReally? Cashiers here in New England always use their own cards when I don't have one.
DeletePerhaps, "Cash is King" haha - A family member had a T-Shirt that said that and he wasn't referring to Johnny Cash.
ReplyDeleteNeither was my post, as you well know, but I liked the illustration better than the one I used when I originally posted the italicized portion of this article.
DeleteI find I use digital payments more than anything else, but not usually through Paypal. Some type of cash or trade will always be around.
ReplyDeleteAgreed.
DeleteI mostly use PayPal for eBay transactions.
I'm just adoring the Johnny Cash caricature! If they do away with cash whatever will I stuff my mattress with?!?
ReplyDeleteVisit me @ Life & Faith in Caneyhead. 😉