Digital Wallet Questions

How long do you think it’s going to take to get to all virtual cards? How many years?

I think it is going to take about 20-30 years to get to all virtual cards.

Why?

The reason I think this is because us younger people are willing to put aside wallets, cards and cash,
while the baby boomer generation still wants to use those forms of payment. This article also mentions
how the amount of cash people carry on average has been falling continuously in the past 3 years.
Therefore we can expect to see the average amount of cash people carrying around drop even more,
and maybe even disappear completely.

Who will not be on board with this new virtual wallet?

I think that the baby boomers will not be on board with this new virtual wallet. Baby boomers have
grown used to physical wallets with cards and cash, and I don’t think they would feel comfortable having
to throw that all away. As well, I think they would be very skeptical to how safe this new virtual wallet
will really be.

What companies are going to be affected negatively by this? Name 3.

Three industries that are going to be affected negatively by this are; leather industry (who make the
wallets), the mailing industry (people won’t have to mail cheques, etc.), and the retail industry (make
wallets).

Who is going to make money from this? Name 3.

Three industries that are going to make money from this are; the electronic industry, the mobile/cell phone
Industry, and the banking industry.