Forrester research reckons 2016 will be the year when electronic cash takes off, thanks to PayPal, but over at ABI they're saying 2014 will see Google Wallet filling virtual pockets. Forrester's research is based on conversations with 10 "senior executives", while the ABI prediction comes from its "Mobile Wallet Strategies" …
'Forrester's research is based on conversations with 10 "senior executives"' - wow, how many thousands did they charge for a bit of executive lunch conversations? I'm sorry, I'm just feeling dirty that anyone could get away with chatting to 10 dicks and making out that it is statistically significant enough to charge money for.
This looks just like the push to the cloud. A lot of overpaid executives anxious to get their hands on your money and data.
Google or PayPal? No thanks, I think that I will keep my hand on my wallet thank you. After all you can trust Google and E-bay can't you?
I would love to see this open up the market away from the likes of Visa and Mastercard as they are effectively in a position to tax the western world.
I'd rather go back to cash
The cost of dealing with cards was absorbed by the retailer as the cost of doing business.
In recent years they've been adding the surgharge on to customer transactions for thsoe that elect to pay by card.
Unfortunately, they seem to now be building this charge in to sale prices in the assumption that everyone pays by card.
If it means discounts at the tills for those that pay by cash, then I'll happily carry a few notes around if it means a potential discount of 1.5% (or whatever it is) at the tills.
All the middleman is doing, is driving up our prices as their "cut" gets factored in ... and I for one am not happy about it. *bangs fist on desk and spills tea*
I for one welcome our new corporate executive overlords
Kids these days. Get paid a good wad of dosh to chat up with half a score executives of companies who want to track our every move because that's their business model, and ask them to predict when they'll've succeeded in taking over our wallets with their electronic gadgets, and get to call it "research" too. Nice for the resume, I'm sure, but what it has to do with science is a bit beyond me.
Then again, that's a couple more years leeway to tell our friends and family exactly what it means to forego cash and, well, ask them vote with their wallets. Personally, unless the replacement is truly and provably anonymous, I won't want it, and neither should anyone else on this side of the payments divide.
These bozos forget one big advantage Cash has
You can do deals 'off the books'.
What the Gov can't see, the gov can't tax.
I have three (debit/credit) cards with wireless PayWave system but no pubs accept them and instead I have to wait for ages for pin to be entered and payment to be authorised.
Why don't pubs accept these quick payment methods!! GGrr
How soon before....
"Cash sir? We don't accept cash at this establishment sir. Now will that be card or phone. sir?"
"Cash? Cash is subject to a 10% handling charge."
It will happen sooner or later.
Hmm We've been there and done that
Didn't work in Swindon.
Whatever is used has to be as conveninet , accepted everywhere, and untracable as cash for all sorts of reasons from losing VAT, to a partner not finding out what your reading habits , and I mean the Daily Mail there :) None of the systems so far do that, so cash will remain king.
Wallet to Wallet transactions?
Until these electronic cash replacements offer the ability to transfer funds seamlessly from one "wallet" to another (without charge!) to cover the "here's the fiver I owe you mate" scenario, they're going nowhere.
P2P payment applications may allow you to do that :)
re: Wallet to Wallet transactions?
Please let us mere mortals know what planet you are living on.
Do you really think that.
"ability to transfer funds seamlessly from one "wallet" to another (without charge!)"
will be allowed.
The will be at least a 10% handling charge levied by the banks etc.
Then what is to stop the guy standing next to you on the 17:30 tube from Bank to Barnet from emptying your wallet during the crush from Bank to Camden?
Fail Sir. I say Fail.
e-cash MUST be anonymous
so that people can have confidence that their payments cannot be linked to sales... sadly, due to the incessant "War on Terror", this will never be allowed... the days of the implanted chip in the forehead or right hand are fast approaching...
Now we find out that NFC really stands for No Fucking Cash ...
It's already happening
My wife has stopped banking cash a long time ago, as the banks charge her an arm and a leg for handling cash. Creditors are now paid cash as far as possible, whilst sudry expenses are also paid in cash.
I think banks have already cottoned on to the fact that people do not like paying extortion fees, that is why they are pushing other, safer (at least for them, as they are guaranteed an income) methods of payment.
<---- Evil banks/bankers, of course.
Can't happen soon enough. No more scum bags asking for change or mugging you if no one ever has any usable cash on them.
yeap your right! Instead they will just mug you for your phone ....... oh wait.....
Cash may well be out of fashion by 2016,
but in that case, because we are all broke, not because most of us are dying, like certain Reg employees, to wave mobile phones at a terminal in order to purchase biscuits. Odd, is it not, that neither Forrester research nor ABI seem to be aware that there's an economic crisis rolling over the world ?...
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