PayPal Predicts the End of the Wallet By 2015 391
BogenDorpher writes "As new technology emerges, one can safely assume that the days of carrying a wallet will soon end. In fact, PayPal believes that by the year 2015, no one will be carrying a wallet anymore. Instead, mobile payment methods will be taking over."
I hope that.. (Score:4, Insightful)
The broker for those payments isn't PayPal, what a horrible company.
Re:I hope that.. (Score:4, Insightful)
The broker for those payments isn't PayPal, what a horrible company.
They are idiots, run by the same idiot philosophy which drives eBay - almost no customer service.
Re:I hope that.. (Score:4, Informative)
I agree, I have used PayPal exactly 1 time. I honestly wish I had not. At the end of the day it proved to be a $700+ lesson.
The fraud protection is a fraud...
I am sure that people use PayPal all day long and never have a problem, but if the party on the other end of the payment is not legit forget about your money, your better off with a credit card at least then you can dispute the charges and get some results.
Re:I hope that.. (Score:4, Informative)
same thing happened to me. their arbitrator sided with the seller who sold counterfeit and defective dvds to me, and whose account had been disabled by ebay. but they sided with the seller. burden of proof was on me to find an industry expert to certify that the dvds i received was actually counterfeit. they just didn't want to return my money because they knew they would not get it from the seller. that's paypal's fraud protection -- to themselves.
Re:I hope that.. (Score:4, Interesting)
Not true anymore. Call Paypal at 1-888-221-1161 and see how long it takes to get a real-live person on the phone. I've never waited more than a minute. Wish I could say the same about my ISP, gas and electric. Even my credit union takes longer to answer.
I've had over 4,000 transactions through Paypal in the past 24 months and only 3 issues, none of them so major that I would stop using them. Did have some issues 10 years ago but they're much better now, probably because they've changed how they operate after several lawsuits. [wikipedia.org]
Wallet != Money (Score:5, Insightful)
Wallets aren't only used to carry money or credit cards.
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Easily nitpicked sound-bites serve ads.
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Wallets aren't only used to carry money or credit cards.
Right. It's a ridiculous statement on the surface, and the concept of everyone using mobile payments is also ridiculous. My mom won't use a debit card, and refuses to purchase anything online. She also uses a basic phone with almost no features. Unless he's planning on knocking my mom off in the next four years, his prediction isn't going to come true.
Re:Wallet != Money (Score:5, Funny)
Re:Wallet != Money (Score:5, Informative)
You haven't been to Europe have you? It's a place where debit and credit cards and not accepted at every corner store for purchasing a mars bar. Even here in Australia many stores won't let you use a payment system which requires commission such as a credit card without a minimum purchase, and even for large purchases will charge a surcharge for Amex or DinersClub. I typically carry around $100 in my wallet. My cousin in Europe carries around 600euro and this is considered normal.
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You haven't been to Europe have you? It's a place where debit and credit cards and not accepted at every corner store for purchasing a mars bar. Even here in Australia many stores won't let you use a payment system which requires commission such as a credit card without a minimum purchase, and even for large purchases will charge a surcharge for Amex or DinersClub. I typically carry around $100 in my wallet. My cousin in Europe carries around 600euro and this is considered normal.
In the UK you can use credit or debt cards for just about any purchase, Small stores sometimes get pissy about it though. In the Netherlands it's very common to use debt cards to buy a sandwich or a bottle of cola. It's certainly not common to carry around more than about 100 Euros here, 600 sounds like asking for trouble. I don't know where in Europe your cousin is though, things vary a lot from country to country.
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That and ... you know ... waiting for your bank to approve a 70 cent purchase is likely to get you beaten up for being an ass.
It varies a lot from country to country but it is common practice to buy that 70 cent mars bar with a debt card in the Netherlands. You don't need to wait more than about a second for the bank to approve the transaction. That and people are not so unhappy about waiting for 10 to 20 seconds extra here, it's all ( annoyingly ) slow paced.
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In fact my business only accepts credit cards or electronic checks and I'm still shocked how many customers ask to pay with cash.
Maybe they meant 2025. That seems far more realistic.
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Wallets also carry bank cards, ID cards, drivers licenses, bus and subway tickets, all sorts of other cards (and credit, store, and gas cards WANT you to see their logo every time you pull it out).
What next - "Paypal predicts the end of the purse by 2020?"
Paypal will disappear long before wallets do.
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Yeah. Because there are so many non-transportation uses for cars.
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I'm not sure if you were being sarcastic or not, but I can honestly say that I quite regularly use cars for non-transportation purposes. To me, a car is also a generator and a climate controlled environment. My line of work takes me to various locations which don't have any shelter or electricity, so the car becomes a mobile office for all intents and purposes.
stupid article (Score:2)
it starts off:
As new technology emerges, one can safely assume that the days of carrying a wallet will soon end.
control-w.
who greenlighted this crap??
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There's an Android app (and probably some for IOS that do the same thing for $3) that stores a scanned version of all your rewards cards. Doesn't work for the ones that they punch holes in, but it's not entirely necessary to carry all those cards (except the ones they give you for your keychain).
One less thing to carry (Score:5, Insightful)
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Maybe better; someone might loan their youn
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So what happens when you get stopped and your cellphone isn't charged? Just saying, there are advantages to physical tokens.
Then you get arrested (Score:2)
for driving without a charged battery?
And the state is going to issue you your "smart device" and coincidentally reserve the right to regularly download everything on it to their servers?
And the state is going to supply homeless people with electricity and chargers for their devices because they also enforce "no existing in public without a state-issued ID" laws.
And the state is going to mandate DRM in all those smart devices so that nobody can display a "fake ID".
And its _all_ going to be universally in pl
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Re:One less thing to carry (Score:5, Funny)
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(*) Except for a barcode scanner, so one can identify the people one meets.
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This will work oso well in rural areas with sketchy, if not non-existent, data service.
And forget about any dead-battery issues. Or your phone just being bricked because you dropped it in the toilet at the last rest stop.
Heavens! What if the cop wanted to physically take your license? What if read your messages? Or perused your address book? No potential problems there, nosiree!
Sorry. A cell phone is just too darn fragile to rely on for important ID. It's also too fragile for sole use as a wallet. D
Not until... (Score:3, Insightful)
Re:Not until... (Score:5, Informative)
"Not until ...... they are certified as a bank,"
Rejoice then.
"Commencing July 2, 2007, as PayPal (Europe) S.à r.l. & Cie, S.C.A., PayPal moved its European operations from the UK to Luxembourg. As a Luxembourg entity, it is since regulated as a bank by the Commission de Surveillance du Secteur Financier (CSSF) and provides PayPal service throughout the European Union."
http://en.wikipedia.org/wiki/PayPal#Bank_status [wikipedia.org]
Re:Not until... (Score:5, Informative)
That's only in Europe. They still aren't a bank in the USA, as the article you linked points out.
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"Not until ...... they are certified as a bank,"
Rejoice then.
"Commencing July 2, 2007, as PayPal (Europe) S.à r.l. & Cie, S.C.A., PayPal moved its European operations from the UK to Luxembourg. As a Luxembourg entity, it is since regulated as a bank by the Commission de Surveillance du Secteur Financier (CSSF) and provides PayPal service throughout the European Union."
http://en.wikipedia.org/wiki/PayPal#Bank_status [wikipedia.org]
Well, well... I wonder when are they going to get certified in the USA?
Funny about PayPal making a claim like that. (Score:3, Insightful)
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Actually you got burned by the other buyer/seller. I've used paypal for 3 years now to accept payment from clients for independent web programming. I only do business with people I trust and never had any clients attempt to charge back from me. So for me paypal has been fine, the have never been a problem at all. //I also use the paypal debit card, and not put the money into my bank so paypal can't hold payments from my bank, just from my attempted ATM withdrawls I guess, though they have never done so.
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But you work for them. I don't believe anything you say about PayPal.
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You can also do that with a CC, the upside being that the CC company has a lot more pull than you do if there's a problem on the account. If they fail to deliver the money as promised or refund it you can report them to the CC company for fraud and have the CC company issue a charge back. Which under the circumstances would be the right thing to do considering that most people don't give PayPal money just to keep. And nobody in their right minds keeps money in a PayPal account.
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I sold something for about $1000 on Paypal a few months ago. I kept the money in paypal in case I had to do a return thinking it was the honest thing to do. Ended up doing a return later, and the return took the money from my bank account instead of paypal. The timing was so that I had no money for anything for 4 days because they emptied out my bank account. I also happened to have no gas or food in the fridge. The paypal fuckers can die in hell. Do not touch paypal people. Ebay is just about as bad
Not a chance (Score:5, Insightful)
Not if PayPal is the middle-man.
Cash is not going away (Score:2)
mobile payment methods (Score:2)
Scott Thompson, President, PayPal (Score:4, Funny)
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Re:Scott Thompson, President, PayPal (Score:4, Funny)
We already do carry man-purses. We call them laptop cases.
- Dan.
no one CARES what paypal says (Score:5, Insightful)
no one respects paypal, no one trusts them. they won't come clean and be a proper bank (and I use the term 'proper' very loosely).
who the hell cares what some microblog says about what paypal thinks? news flash: greedy ceo's dream of taking over the world. film at 11.
crap article to create panic (and page refreshes). this really should have been filtered, slashies.... please do a better job picking the greenlit articles next time.
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My first reaction was 'haahahahaha!".
"They" predicted that the internet would mean the end of books, yet sales are in record territory. "They" predicted that computers would foster the "paperless office"....yeah, how is that working for you? "They" predicted that the war on drugs would reduce usage and addiction. "They" is about the dumbest son of a bitch I have ever met.
Many, many, MANY people who make less than you and I will continue to carry a wallet for decades to come. In part because many people w
Plus, in America.... (Score:2)
But will it end Man Purses (Score:2)
Yep, an my employer will still require receipts for expense reports. Now it 2015 wallets will be gone and I will have to carry a damn man purse.
Better buy a stock of wallets to have a supply after 2015.
I hope not... (Score:3)
Credit/debit payments are gaining a foothold, but it's going to be a loooooong time until we even consider a cashless society.
And there's few things more enjoyable than giving real cash to a little niece or nephew.
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If ti's anything like my mobile phone, she will just need to hold it up against the scanner on the 'card swipe'. She won't have to go looking for anything.
Giving fake cash to a niece and nephew and watching them realize it's not a real 100 is even more enjoyable~
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Instead of PayPal.. I think the mobile phone payment system may get some traction. Even vending machines at work have that option now.
If you are one to give any credence to biblical prophecies, the chip in the cell phone will be moved where it can't be lost of stolen. It will be placed in the hand or forehead. After cash no longer exists, nobody will be able to buy or sell without the ID. It will be referred to as the mark of the beast.
http://www.cbsnews.com/stories/2004/07/22/tech/main631231.shtml [cbsnews.com]
Vendi
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The only way this would happen is if the phone uses NFC and they just have to swipe the phone to a reader without 'unlocking' the device or navigating windows. The communications would then automatically agree on the loyalty card discount and payment info without user interaction. The screen at the reader would then show a simple confirm or deny dialog (no signature, the phone will provide a digital signature) and a receipt will be sent to the phone.
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I'm guessing the phone, mainly because as people age the technological knowledge tends to increase. There's still a deficit, but my grandmother can do far more with a computer than your average person could 20 years ago.
I dont carry my money (Score:2)
in a wallet, and I dont have a wallet.
I must be from the future, where ppl carry dont have wallets.
I am sry, but what kind of forecast is this!!
Good thing (Score:2, Informative)
PayPal predicts (Score:3)
That PayPal will become the indispensable service without which, you will die, your children will be eaten by wild animals, and hellfire will rain down from the heavens.
Are they planning an IPO or something?
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In other news... (Score:3, Insightful)
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Amazing, isn't it. Can you imagine how embarrassing it would have been if they paid for a comprehensive study and it showed the opposite? It would be, like, so I guess we don't have much of a future in this line of business.....
That is one of the efficiencies of business - they knew the risk of a study giving the wrong result; so they saved money on studying the issue and went with a simple marketing campaign.
I'm doubting it (Score:2)
Wallet believes.. (Score:3)
Bull (Score:5, Insightful)
Never Gonna Happen
The illegal market depends on cash too much. If they took away cash people would start carrying around platinum, gold, silver and copper coins again as well as having funds deposited in foreign currency and the US government won't let that happen. China will go paperless long before the US does.
Re:Bull (Score:4, Insightful)
The size of the illegal market will also continue to increase, as more things will become illegal.
But heck, I like using cash when I'm _not_ doing anything knowingly illegal. Sometimes you just want to fork over some money and be anonymous. No, I don't want you to add this item to my profile. No, I don't want to sign anything. No, I don't want to transfer enough of my identity to you that you can buy things "on my behalf" after your shfit ends. No, you can't have my phone number. No, you can't have my zip code. No, I don't have email. Give me my fucking $item and stop asking questions.
Not as long as people are people. (Score:3)
You can't buy sex or drugs and keep it a secret without cash. Good luck.
That is absolutely retarded. (Score:2)
Yea, because everyone has a mobile phone that has mobile payment application abilities, and nobody carries their drivers licence, library card, business cards, insurance cards, personal photos, etc. Dumbasses.
One word. (Score:2)
Condoms.
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How myopic (Score:2)
I still need my DL.
That said, I would love to only need it for that. In fact, I would love to not need a wallet at all and have it all in my smart phones.
2016: The Return Of The Wallet (Score:2)
Given the existing weak links in the electronic retail financial chain, and the added weak link of a cell phone, I suspect wallets will make a big come back after a goodly fraction of the mobile payment system users get their checking account cleaned out and/or their debit account treated as someone else's personal piggybank.
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Or, you know, the fact that many elderly folks don't have a cell phone and don't want a cell phone. Grandma stinerman isn't going to one day wake up on Jan 1, 2005 and start paying her grocery bill by iPhone.
Uh-oh! (Score:2)
So I have 4 years to buy a cellphone, huh? D: It's a good thing I don't use my wallet for identification or anything!
It's not just criminals (Score:2)
Criminals will not want to use e-money, but I think a lot of people will get creeped out when they buy something, and 10 seconds later they are texted a coupon for a store next door, for something they were Googling about last week. Don't get me wrong - some people will absolutely love that. But not everyone will. I wouldn't, which is why I intend to keep carrying cash.
LOL (Score:2)
Wishful thinking is the driving force of e-commerce.
My wallet doesn't require batteries (Score:2)
My credit card and cash don't require internet access nor batteries to work.
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The next generation of fifties will have GPS and require wireless to report their locations to the mint.
Oblig... (Score:2)
Brother, can you charge my battery? (Score:2)
I may look like a bum, but I'm really a wealthy man. It's just that my battery ran down, and I have no way to get my money. Please, please help me.
More seriously, I bicycle to places with no cell phone service all the time. I am not going to rely on online services for everything.
Wishful Self-Fulfilling Prophecy? (Score:2)
Perhaps it would be more accurate to say that PayPal hopes nobody will carry a wallet by 2015.
Unless pot is legal in 2015, I'll still need cash.
You still need to carry around your ID (Score:2)
"by the year 2015, no one will carry a wallet" (Score:2)
I expect to live longer than that.
No way (Score:2)
Sweat! (Score:2)
News analysis ... (Score:2)
Reading between the lines, I'd say PayPal has plans to develop a digital condom.
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Reading between the lines, I'd say PayPal has plans to develop a digital condom.
heh - they are already screwing their customers....
(obvious?)
I will still carry a wallet! (Score:2)
The future we've all been waiting for! (Score:5, Funny)
It appears that you're trying to spend your money to buy a Snickers from this PayPal vending machine. Unfortunately, we've recently detected someone trying to hack into your account. Please prove that you're you by tying PayPal to your bank account, and then transfer $50 to us which we will refund in your PayPal account.
It appears that you're trying to purchase a new t-shirt at the PayPal store. While you've tied your bank account to us, we've recently detected someone trying to hack into your account. Please prove that you're you by giving us your social security number which we won't use for anything other than your identification. We swear.
It appears that you're not spending any money with your PayPal app on your phone today. We have detected that you may be deceased. Please prove that you're still alive by calling our toll-free 1-800 number from 9 to 5 PM Central. But only after transferring $50 from your bank account to us, which we'll refund in your PayPal account.
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"Also, who trusts the telecompanies with their money?"
Yep, banks are a lot more trustworthy.
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Re:Paypal (Score:5, Funny)
Please, oh PLEASE someone, ANYONE, give me an alternative to PayPal.
Bitcoins? :-)
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http://www.clickandbuy.com/ [clickandbuy.com]
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It just becomes a sunk cost. Basically your coffee will be 25 cents more, regardless of how you pay.
In some places, the cost is already sunk into the price.
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How do you pay your weed dealer?
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We don't really give a fuck what you say.
It's a news blog for nerds, not a church.
Re:P****l. (Score:3)
No, it should be P****l. Shit is perfectly fine though.
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> Cash doesn't require batteries!
Yet. The Treasury has plans...