Virtual Wallets

How long do you think it's going to take to get to all virtual cards? How many years? (1 point)
Why? (1 point)

I think that it will take atleast 10 - 20 years before we get to all vitrual cards.  I think this is the case because we still need to make sure that these virtual cards are safe.  With everyone using virtual cards; credit, debit and identification fraud will definitely be a big factor.  That is why safety and legitimacy is extremely important before these virtual cards actually come into effect.

Who will not be on board with this new virtual wallet? (2 point)

I believe that people who do not like change will be against the new virtual wallet.  To transition from cards and paper money to nothing is actually not an easy task. Many people alike will be against this idea because the change would definitely be too dramatic for them. 

What companies are going to be affected negatively by this? Name 3 (3 points)

I think that small, privately owned companies will be affected greatly because they will not have enough money to purchase the machines for the virtual wallets.  Companies that sell wallets will also suffer because wallets will no longer be needed. 

Which industries are going to make money from this? Name 3 (3 points)

I think that retail companies will benefit from the virtual wallet because consumers will be carrying their entire "bank account" with them through the virtual wallet.  This is cause consumers to spend more because they have all the money they need.  The bank will also benefit because people will be using their virtual cards everyday and the banks will be able to charge fees on activation and transactions.  Lastly, I think that the industries that created this virtual wallet idea will benefit.  They will benefit because they were the ones who created this idea and many people will be buying the machines from them.