Virtual Wallets

1) How long do you think it's going to take to get to all virtual cards? How many years? (1 point) Why? (1 point)

In my opinion, I think that it will take atleast another 5 - 10 years before we have all virtual cards in our wallets. It will probably take even longer given identity fraud is one of the most common crimes committed in the new world. Even if we have virtual cards in the next 5-10 years, I don't think anyone will be willing to risk it given its unproven legitimacy.

2) Who will not be on board with this new virtual wallet? (2 points)

The people who will probably not be on board with this change would be older people. Everyone that is considered a techie will be willing to change over if it is completely safe, but the people without the skills to operate computers will not. Even online banking is not used by a majority of the people in the world right now. If the switch were to happen, it will be quite difficult as well to convert everyone over.

3) What companies are going to be affected negatively by this? Name 3 (3 points)

Companies that will be affected negatively will be small businesses, manufacturers and cellphone companies. Small businesses in today's economy are already struggling to stay afloat. With this switch over, this would force them to buy new equipment that is not necessarily needed with already lacking funds. Manufacturers will also suffer. Companies that produce wallets and money clips will go out of business if everyone is going to implement their virtual cards into their phones and ditch the wallet. The last company to be affected would be the cellphone companies. They would have to spend unnecessary dollars in developing new technology for this switch over.   


4) Which industries are going to make money from this? Name 3 (3 points)

The biggest winner of this switch over will be retail stores. Customers will be carrying around all of their basically all of their money and may be tempted to spend. The company that created this "virtual wallet" will also benefit since retail stores and companies will be forced to purchase this new technology at a profitable price. Lastly, Banks will also benefit from this because they will no longer need to pay bankers during the day and instead have machine operated computers update statements 24/7.