Your wallet will be obsolete by 2015 according to PayPal

It's a valiant attempt by Paypal, I'll give them that, but I doubt it'll spread like wildfire. I for one never use credit for anything and never will, so there's one less customer who'll have to retire their wallet.
Guy

 

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I just dont see it being mandatory though. I work at McDonalds and between my coin collecting and video game addiction I cant afford a cell phone.

I was thinking about this some more and remembered a story a year or so ago about having like a chip planted in our hands so that we just have our hand scanned instead of carrying around a credit/debit card. Kinda relevant to the story...maybe

 

Cash will NEVER go away.

What people don't realize is that merchants build the cost of using plastic into their prices. Like it or not, you're paying the 3% plastic fee even if you pay cash.

 

I disagree with you in the sense that cash will never go away...because it will. It's not going to happen by 2015...but I'm certain in my lifetime (and I'm 26) we will be completely digital for transactions.

 

They've had the means for digital cash for over 40 years and we still have cash. Nobody alive today, or ever in my opinion, will ever see a cashless society. Not only would it be impractical, even with today's technology, but it would be impossible in a logistics sense.
Guy

 

How will we buy our drugs and blackmarket stuff without cash? LOL

Sorry, it will NEVER happen. There's a huge number of people that only use cash and that will never change. An example is one of my millionaire friends who very rarely uses anything but cash. He only uses credit when he's forced to. He tells me his credit is HORRIBLE because of this. But he doesn't need credit, he even buys his cars with cash. He told me many times he could careless about his credit score and that it's meaningless.....cash will always be king. He has lots of interesting stories where banks, etc. have told him they wouldn't deal with him because of his credit rating. Then he tells them "how about if I pay in cash"? Well, they change their attitude very quickly when he does that. LOL

 

I doubt we will ever stop using paper money.....

 

Credit card companies tell people their credit will decline if they don't use credit cards, which is a blatant lie. I haven't used a credit card in over 20 years and have all three scores well into the upper 700's. They're crooks, plain and simple, yet people fall prey to the term rewards that are thrown at them. They don't give anything away to anyone for free.
Guy

 

anyone remember these annoying adverts? http://www.youtube.com/watch?v=wtbZQQw4Ajc

IMO saying we will be a cashless society sometime is like saying there will be no need for paper either. not gonna happen.

 

I use credit cards and Paypal but usually pay for my everyday needs with cash. No risk of identity theft and once in awhile I'll get a silver coin or star note in change.

I just bought a new Coach wallet to replace my old worn out one and somehow I think it will not become obsolete in the near future.

I'll probably become obsolete before it does.

 

So, if you don't like to use PayPal, or Credit Cards, then how do you buy online? Or do you just not buy online often?

 

I think the real issue here is that by a certain point in the future, there will be like ten people who have all the money (i.e., the rich get richer)...so yes, I could see the wallet becoming obsolete. What's the point of carrying around an empty wallet? Of course, hopefully by that time enough people get angry enough to enact some form of viable regulation for the wealthy and the corporate.

 

Really? I have seen family fortunes dissipate pretty rapidly. Instead of wanting to tax away wealth and punish successful people, how about trying to emulate them, get more education, better investments, etc? Sorry, but I was raised poor and have worked my butt off to pay for college, graduate school, all on my own and just get tired of people throwing stones at anyone who happens to make more than they do. The goal should never be to tear everyone else down to the lowest common denominator, (read communism), but to try to achieve higher levels for yourself.

On topic, I remember Ebay telling the world they would be the one stop shop for all purchases in 10 years about 1998, and brick and mortar shops would disappear. It seems this company just has a knack for overhyping their own existence.

 

So, you're saying the people/companies that work hard and become successful should be punished with distribution of their wealth? Yea, that's fair, it's called communism. The last thing the USA needs is more regulation and bigger government.

 

i don't have a credit card, debit card, or any other type of cashless payment. i use cash for everything. it's quicker and easier.

 

At one time I felt cash would be entirely eliminated at some point, but since have changed my thinking.

Cash is vital to illegal transactions and the underground economy. It is also necessary to avoid taxes and records of many transactions. Since a great part of the US economy is law enforce ment, there is no way that cash will be eliminated. Too much of our system is based on crime, either through the crime, enforcement or the legal system when criminals are caught. Then there's the people who exist on the money spent to house and guard prisoners.

In short, much of our economy has been built around crime enforcement. If we eliminate the access to profits of crimes, we take away the incentive. If every transaction can be tracked, crimes would be very easy to solve. It's like the same reasons the fed keeps printing the $100 bill.

Anyway, that's why I think there will always be cash.

gary

 

I am a little more open about why cash will not be eliminated. I think paying cash for small transactions is simply easier. I don't like exposing my credit card needlessly, and I refuse to use debit cards due to lack of control of my account. Also, some people just do not want a paper trail of what they buy, even if its legal. Everyone has seen how much hacking has gone on, and the usage laws of such data even obtained legally is not as strong as I would like.

In short, I think there are a lot of people who do not wish their every transaction recorded in a large mainframe somewhere ready to be manipulated against you. They are not talking about illegal transactions, simply privacy. If anyone would push to do away with currency I think it would be the government, since the more data they have on you, the more they can control you.

Chris

 

Yes Chris, but I think that by getting a lot more information, they would cause a big decrease in underground transactions, thereby no longer needing as much law enforcement. In short, for government it would be counter-productive. Like what would happen if they legalized drugs and took all the profit away. No profits, no competetion for the sales of them. No crime from that area any more. Then, no cops, lawyers, courts, judges, jails, etc. That would devastate the economy. IMHO Kinda like what would happen if they gave a War and nobody showed up to fight it. LOL

gary