Lily Chen


ABOUT MONEY 3.0 AND WHY THE FUTURE IS MOBILE "President Obama recently said he supports efforts to abolish the American penny. But the penny is not alone in its uselessness. All physical coins and dollars will soon be rendered obsolete by the security and convenience of mobile phones and thumbprints. Just as the magnetic strip revolutionized payment by plastic credit card, fast-evolving technologies will facilitate the move to payment using mobile technologies. Most mobile phones can transmit banking and payment data when placed near readers. Unlike a debit card, a mobile phone can display interactive payment details. And, instead of the credit card application process of filling out paperwork and waiting for the mail, using a mobile phone to pay requires only the download of an app and linking to bank details. PayPal president, David Marcus, calls it Money 3.0. Given that 6 billion people have access to a mobile phone, the Money 3.0 opportunity is enormous. Studies by Visa show that Americans are twice as likely to carry a phone as cash; those between 18 and 34 are four times more likely. Mobile payments doubled between 2012 and 2013 to $1 billion. eMarketer predicts mobile payments will top $58 billion by 2017, and phones are just the beginning of e-cash. The evolution to digital payment will be fast, but will not render cash completely extinct. There is a psychological inertia to holding on to the tangible value of solid coins and paper dollars. Some people will be slow to adopt exchanges conducted in the cloud, just as there are people reluctant to adopt cloud computing in general. ATMs will not disappear completely, but the percentage of pennies and banknotes will decline sharply." Read the full article: CASH IS TRASH by Ryan Rommann

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