Your wallet will be obsolete by 2015 according to PayPal

Your wallet will be obsolete by 2015 according to PayPal.

Read this story -
http://www.independent.co.uk/life-s...-will-be-obsolete-by-2015-paypal-2305294.html

Also, this Kabbage.com I think is somehow connected with PayPal. Last week I went to www.Kabbage.com to check it out. I registered, gave them access to check out my eBay and PayPal account histories and within minutes they gave me a $500 line of credit. Their maximum line of credit is now $20,000.

I know they didn't look at my traditional credit history and score, because I was not asked to give permission for them to access that, and they must do that. They based it all on what type of producer I was for eBay and PayPal, and I’m guessing my feedback, seller rating, and how old my eBay and PayPal accounts were. They will also checkout your Amazon.com history too.

These traditional Banks better wake-up and smell the coffee. I don’t use my Wells Fargo Debit Card any more for security reasons. I only use my PayPal Debit Card, because when I use my PayPal Debit Card (or any type of PayPal activity for that matter) I receive an e-mail to alert me a transaction is taking place – Wells Fargo has not figured out how to do that yet with their Debit Cards.

Yes, I believe what PayPal is predicting for 2015 and beyond. By then PayPal and Kabbage will be “LARGE AND IN CHARGE”!

 

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So now we can look forward to having a middleman taking a cut out of all our financial transactions.

America's new growth industry. Yay.

 

Of course since it would all be computerized there could be no chance for large scale electronic thefts by hackers or insiders armed with codes

 

i guess the ppl running paypal never heard of something called a rummage. i dont have a problem paying with paypal but as soon as it comes to accepting money thats a load of ####. i dont even have a credit history so if theres another thing i dont need its online credit.

 

Your partly right I guess. Only the payee (seller) is tagged with a Pay Pal fee, and must chock it up as a cost of doing businness. For the payer (buyer), the catagory where most of us fall into, it's a free service. Back in the early days of eBay, in the late 1990's I remember going to the local Albertson's Store to buy a bunch of money orders to pay for all my eBay coin purchases. Now, a couple click of the mouse and I'm done with completing the deals.

 

In general like most sellers, I grumble about PayPal taking their 3% cut on my sales. But in the last couple weeks I've become a big fan of Kabbage.com because I can get a line of credit without putting up collateral like my house or other assets that traditional banks want you to do.

Here is an example - I'm at at a County Administrator Auction and I find some items I know I can double my money on, but I need $500 now to cover the deal. I just use my iPhone or iPad to unlock my line of credit and agree to a repayment schedule where payments are automatically deducted from my PayPal account. Within minutes the $500 hits my PayPal account and I use my PayPal Debit Card to pay for the items. In reality I'll pay back the $500 sooner than the payment plan requires, and begin waiting for the next big deal. Yes, I'll be charged 7% simple interest - but that's a cost of doing business.

 

So, is your wallet going to "become obsolete" doing that?

 

it wont become obsolete, what else are you going to carry your "paypal debit card" around in?

But honestly, I dont use paypal and never plan too.

 

LOL what a statement

 

So now we can look forward to having a middleman taking a cut out of all our financial transactions.

America's new growth industry. Yay. ​

Read more: http://www.cointalk.com/t184354/#ixzz1R2oSCrib​

The banks have been "taking a cut of our financial transactions" for years. That's why I bank at a credit union.

 

Well, it probably depends on the bank. My regional US bank provides free checking, free ATM use, low safety deposit box fee. The megabanks seem to be the worst offenders at taking a cut whenever they can do it.

And of course, cash payments made directly to the recipient require no additional fee.

 

Me too. I have 3 Credit Unions. Depending on who has the best rates at what time determines who gets my business at that moment.

 

You mean another middleman, the government has been taking a cut for years, it's called sales tax.

 

If you think about how many functions a modern mobile phone has - well, that could be the answer. In my opinion we will still have wallets in four years, with (some) cash, with credit and debit cards (which we can use for contactless payments to a greater extent), and we will also make more payments with our phones. How relevant PayPal will then be ... dunno.

Christian

 

Amen. I predict payPoo will be irrelevant as will it's fleaBay owner.

 

They all charge 3%. Mastercard, Visa, you name it. Have a freind that owns a deli. Everytime someone pulls out a debit card to pay for a $5.00 sandwhich he gets tagged 30 cents plus the 3% from the credit card company as transaction fees. He likes me, I pay cash. I see paypal as just another credit card company. The joys of a "cashless society" has a 3% surcharge. Of course they are salivating.

 

Ahhhh!!!

 

I think I will still be carring my wallet. My cell phone died yesterday as I have been out of the service area for over a week and I do not even have a broswer set up on it. Now my wallet does still have case in it from last month and it will still work.

 

That's because they are constantly paying billions of dollars to buy other banks. They have to do something to raise that purchase money.

 

Well...that's changing too. US Bank in particular is doing away with free checking accounts. I got a letter in the mail the other day explaining their new minimum balance fees for what was their "free checking" accounts.