PayPal foresees end of the wallet by 2015
Mobile payment services will catch on and more people will prefer using these methods of digital payment
PayPal believes that by the year 2015 no one will carry a wallet anymore. Instead mobile payment methods will increase and become the preferred method of paying for purchases.
The company has also recently acquired Zong, a popular e-commerce website, for $240 million. This equips PayPal with an additional customer base of 30 million Zong users. PayPal President Scott Thompson said, "As the trend toward digital currency continues to gain momentum, we are focused on delivering solutions that are not just new and different, but better than what is currently the norm today. We believe that by 2015 digital currency will be accepted everywhere in the U.S. - from your local corner store to Walmart. We will no longer need to carry a wallet."
Paypal has even gone as far as conducting a study to see how life would be like without any wallets. Five Bay area residents, who are employees of the company have been asked to use their mobile phones to pay for all their purchases. Thomson added, "How confident are we in achieving this goal? So confident that we've asked five Bay area employees to embrace a digital lifestyle and use only digital currency to pay for all of their purchases. The five lucky winners will be announced at an employee event on July 11th."