Smart (Phone) Money
1. (1 point) How long do you think it’s going to take to get to all virtual cards? How many years?
I believe that one day virtual cards will take over the world. I am not sure how long this will take but if I had to take a guess it would be about 10 to 15 years.
2. (1 point) why?
I believe that virtual cards will take over in 10 to 15 years because technology will have been very advanced. You will not need to go to your office and have meetings, you now just need an I phone or I pad and you can communicate with you employees. Apple has grown a lot and has come up with many new and different types of technology and I believe this is just the beginning and the will create bigger and better technology. Also in this generation we are more accepting and we will accept virtual cards. Another big reason is social media; social media has changed our lives. People spend most of their time on the computer so why not just go virtual cards. One of the biggest reason people will go virtual is its cheaper. You don’t have to go to the bank and more you won’t have to meet will you can just Skype them. Your information is on the commuter you just search up you name and you can find your entire information one the computer or on your smart phone.
3. (2 point) who will not be on board with this new virtual wallet?
I think that the older generation will not be on board with the virtual cards. They older generation has accepted many thing like credit cards and online banking but virtual cars will be a whole new level of acceptance. They will feel like they have no privacy, and would not agree with the virtual wallet.
4. (3 points) what companies are going to be affected negatively by this? Name 3 industries not companies.
Three companies that will be affected negativity are small business because most small business is run on cash only so they would not be able to compete. Banks would be also greatly affected by the virtual wallet because no one would have or carry money and therefore less people will go into banks. Charities would be also greatly negatively affected because people give spare change or cash donations to charities and with the virtual wallet they can not do that, the homeless people would also suffer because they live off the spare change people give them.
5. (3 points) who is going to make money from this? Name 3 industries not companies.
Three companies that will benefit from the virtual wallet are the social networks, for example Facebook allowed application owners to pay by a “token” system. Users will soon be able to maintain a credit account, which can be used in thousands of applications, without having to pay separately or load the money through a separate site. This announcement came less than a week after Facebook announced that it now supports payments through PayPal, in addition to credit cards and cellular payments. Also believe that cell phone companies will make money from this because every company will be making a smart phone and more people will be buying smart phones. Retail stores that accept this method of payment would benefit because more people will have more money to spend and will not have any limits. Unlike cash were people can run out, but with card you can use credit therefore the consumer can get more debt.
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