Cash, Credit or Cell Phone
According to some, virtual wallets and digital money could replace credit cards. There’s already a cellphone application called ShopSavy that allows a cellphone to scan a barcode in a Brick and Mortar store to see if it can be found cheaper on line. Click the buy button and it’s yours; PayPal already has your payment and shipping information.
A recent article in the online New York Times tells us that the only reason digital money hasn’t caught on is that, “Americans think credit cards are already a fine solution.” Well, not from where I stand. There’s certainly a consumer uprising over fees! I think that if Flooz, Beenz, or CyberCash tried it today, they just might make a go of it.
The downside, of course is the potential for fraud. I have to believe digital money will be just as vulnerable as credit cards. Even if it is safe, credit cards aren’t going away any time soon. Believe it or not, not everybody has a cell phone. Or even wants one.
