The old-fashioned wallet will be obsoletein the US within four years, an electronic payments company
Wallet 'obsolete in four years'
The old-fashioned wallet will be obsoletein the US within four years, an electronic payments
company has claimed.
Scott Thompson, the president of PayPal, said: "We believe that by 2015 digital currency will be
accepted everywhere in the US – from your local corner storeto Walmart.
"We will no longer need to carry a wallet," said Mr Thompson, whose California-based company
profits from customers switching from physical money to payments online and over mobile phone.
"Consumers are increasingly giving up traditional payment methods," including cash, cheques
and even debit cards, Mr Thompson said.
Earlier this week Harrods became the latest major retailer to stop accepting cheques as payment.
Mr Thompson made the comments in a blog post to mark what the company claimed was its 100
The company has launched a publicity campaign in which five people in San Francisco will attempt
to pay for all their purchases with digital currency, despite the fact many shops still do not accept it.
PayPal has said it expects to process $3 billion (￡1.9 billion) worth of payments over mobile phones