How long do you think it’s going to take to get all virtual cards? How many years and why?
I think it’s’ going to take approximately 5 to 10 years in order to get all virtual cards because society is going to need time to get use to this. For example, with cell phones, many people didn’t understand the concept of having cellular mobile phones. However, once people started going places and needed a phone for emergency purposes or just to get a hold of someone, everyone started to get one. Therefore, with virtual cards, once people start to realize it’s more convenient and start to get use to the concept, everyone will pick up on it. Also, it will take time in order for us to develop the technology in order to use these cards with proper security features.
Who will not be on board with this new virtual wallet?
I think people who do not like the new virtual wallet will not be on board and will be worried about the cost, security, safety and the whole new learning concept. Some people like doing the paper transition method because they like to keep their receipts and bills as hard copies. Also, the baby boomer generation has already seen so many different technological changes, that they may not like to learn another new thing. They may not trust this new virtual device and may not want to use this new device. Moreover, some consumers that spend too much with credit cards want to use cash to limit their spending. Therefore, this virtual wallet will be a huge dent in their spending problems.
What companies are going to be affected negatively by this? (Name 3)
Credit card companies, mailing industries and leather industries will definitely be affected negatively by this. Credit card companies will suffer because with everyone using this virtual device, they won’t be making any profit. Credit cards will become of no use and the polyvinyl chloride acetate (PVCA) that is the plastic laminated to make credit cards will lose profit and be affected negatively also. With the mailing industries, they will lose profit because they won’t be sending out any credit cards, new promotions or mailing bills. Lastly, the leather industries will no longer be making wallets, which will definitely affect their profit margin since no one will be carrying around wallets. This also falls under the retailing stores losing profit because they won’t be selling any wallets either.
Who is going to make money from this? (Name 3)
The three industries that will make money from this are mobile phone carriers, baking industries and the new virtual idea creators industry. Mobile phone carriers will be making money because more people will need the apps on their phone to do their online baking and they will be selling more of a variety of phones. They may also increase their prices if the demand goes up. Baking industries will make money from this because they will increase the interest fees and charge more fees for a certain amount of transactions. Lastly, the virtual idea creators will be making a lot of money if this new idea follows through. With everyone using this new device, they will be able to advertise and charge money on transactions if they wish to.
