1. How long do you think it's going to take to get to all virtual cards? How many years? (1 point)
I think it is going to take a very short period of time to get all credit/debit cards, even ID's, virtually into phones. I'd say it would take about 30 years for there to be a widespread use and availability of virtual cards all around the world.
2. Why? (1 point)
1311 years ago coins were created (http://www.wdfi.org/ymm/kids/history/the_first_coins.asp).
150 years ago money (bill) was created (http://answers.yahoo.com/question/index?qid=20081210143310AATRc2U).
61 years ago debit/credit cards were created (http://history1900s.about.com/od/1950s/a/firstcreditcard.htm).
As you can see by the chronology, it takes less and less time for the type of legal tender to change and be accepted by everyone because we live in a fast-paced world. Therefore, it wouldn't be illogical to assume that it would take 30 years (less than half of previous time) for debit/credit cards to become virtual.
It will also be so soon because there are so many evolving technologies in our fast-paced world that are created everyday. It is the same case with e-mail, it took about 40 years for it to be so widespread (http://www.livinginternet.com/e/ei.htm). People are already working on RFID's for phones so stores recognize you and you can pay with your phone. There already is an iPhone Swipe app that allows merchant to allow them to carry out credit card payments (http://globalmerchantservices.com/iPHONEPhoneSwipeFAQandDownload.html). As you might notice this virtual frenzy might become possible in our lifetime.
3. Who will not be on board with this new virtual wallet? (2 points)
Seniors citizens, who really can't handle technology, will be really annoyed with this new-fangled technology and have trouble trying to pay for their purchases.
Young children or people who don't have a phone will have trouble trying to buy things.
Money collectors might get annoyed at not having more things to collect anymore.
4. What companies are going to be affected negatively by this? Name 3. (3 points)
Wallet making industries, such as leather industries, will experience a downfall on their sales since people won't be needing them (http://www.craftstomakeandsell.com/LeatherWallets.html).
Industries providing material for printing money and making coins would experience a decrease in sales of their materials. Bank note producers would go out of business since paper money no longer has any value attached to it (http://www.bank-banque-canada.ca/en/banknotes/facts.html).
Small businesses will have to update all their equipment to adjust for this new type of payment (http://www.barcodesinc.com/cats/rfid-readers/) and it will be quite an expense on them to keep up with all the changes made to legal tender.
5. Who is going to make money form this? Name 3 industries not companies (3 points)
Cell phone companies that sell iPhones with NFC technology such as Apple will make money if money became virtual (http://www.phbeta.com/apple/the-apple-iphone-5-features-and-price-expectation/).
Wireless Internet providers will be needed to connect all the debit/credit you have so you will be able to use make purchases.
Hence, this will lead to the importance of the app creators as a form of advertisement for major businesses (http://www.studio1c.com/blog/17-internet-marketing/156-internet-marketing-iphone-money.html).
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