Who would have thought that 100 million registered users would signal the end of the wallet—the humble, easy to carry, wallet. Well, Paypal president, Scott Thompson, announced recently that his company now has over 100 million active users. This milestone led him to announce in the same breath, that by 2015, we will all be using some form of digital currency. Yes, by 2015, all our wallets will be in the Smithsonian.
It is indeed fact, that today more and more people use the internet and other digital platforms to make purchases. But it is also true that even today, some people prefer to go into a bank and deal directly with a teller—a live person. And we mustn't forget that as we march towards this bold digital future, security seems to be lagging woefully behind. In the last six months, online companies have had no fewer than 30 security breaches with data, and no fewer than 250 million people affected. That's more people who've had their data compromised than Paypal glorious milestone of 100 million active users.
Using digital platforms to effect purchases requires a "digital connection" and I doubt that we'll all be connected by 2015. When people talk about the digital revolution, they tend to forget the millions of people who have yet to graduate to broadband, or even worse, make their first phone call. Even in the wealthy western societies, having a cell phone doesn't necessarily equate to having spending power. Mr Thompson, perhaps meant to say: "By 2015, no-one who works at Paypal will have need for a wallet". Had he said that, I would have wholeheartedly agreed.
The wallet is probably not here to stay, but I guarantee Mr Thompson and Paypal that it will be around long after 2015.
See analysis of the 100 million milestone in the video below.
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