Mobile Payments Will Soon Replace Cash

By 2016, the lines that separate online shopping from actual shopping will be erased and the world will have its first 'cashless generation' as demand for paper currency wanes.

What's the Latest Development?


Several new reports say that smartphones will replace cash, in most instances, much faster than we think. According to new surveys, 72 percent of business executives believe that smartphone payments, on a large scale, are inevitable and 58 percent of businesses have already implemented a mobile payment system. "The report says that the trend is only growing stronger with each passing year. About 50% of all mobile or smartphone device users bought something via mobile payments..."  

What's the Big Idea?

As smartphone payment systems proliferate, society will gradually become cashless. Carl Scheible, Managing Director of PayPal UK, says that while cash will not be entirely eliminated, the demand for it will decrease: "The lines between the online world and [downtown shops] will soon disappear altogether. Children born today will become the UK’s first 'cashless generation.' It will be completely natural for them to pay by mobile." PayPal estimates that by 2016, mobile payments will become the dominant way to pay at shops.

Photo credit: shutterstock.com

LinkedIn meets Tinder in this mindful networking app

Swipe right to make the connections that could change your career.

Getty Images
Sponsored
Swipe right. Match. Meet over coffee or set up a call.

No, we aren't talking about Tinder. Introducing Shapr, a free app that helps people with synergistic professional goals and skill sets easily meet and collaborate.

Keep reading Show less

Originally, Poe envisioned a parrot, not a raven

Quoth the parrot — "Squawk! Nevermore."

The Green Parrot by Vincent van Gogh, 1886
Culture & Religion
  • Edgar Allan Poe (1809–1949) is considered one of America's great writers.
  • Poe penned his most famous poem, The Raven, in his 30s.
  • Originally, the poem's feathered subject was a bit flamboyant.
Keep reading Show less

Your body’s full of stuff you no longer need. Here's a list.

Evolution doesn't clean up after itself very well.

Image source: Ernst Haeckel
Surprising Science
  • An evolutionary biologist got people swapping ideas about our lingering vestigia.
  • Basically, this is the stuff that served some evolutionary purpose at some point, but now is kind of, well, extra.
  • Here are the six traits that inaugurated the fun.
Keep reading Show less
Videos
  • Facebook and Google began as companies with supposedly noble purposes.
  • Creating a more connected world and indexing the world's information: what could be better than that?
  • But pressure to return value to shareholders came at the expense of their own users.
Keep reading Show less