Paypal announced recently that its active customer base has crossed the magic figure of 100 million. While delivering this news, the company’s president, Mr. Scott Thompson made a bold prediction publicly that a ‘Wallet’ will be a thing of the past by the year 2015.
Mr. Thompson blogged that since digital currency is rapidly making big inroads into the common society, Paypal is determined to provide solutions that are not merely different and novel, but much better than the existing market norms.
He further stated that by year 2015, almost every place in the US will accept digital currency – right from a local vendor to the Walmart. In fact, no one will need to carry the burden of a wallet.
In order to advance this idea, Paypal is about to launch a digital currency challenge wherein 5 residents from US Bay area will be asked to use only digital currency for all their routine purchases; absolutely no cash allowed. The challenge will also serve as an excellent means of promotion for the company, equipping it with a potent marketing tool.
In the past few years, Paypal has grown much more than its sister company eBay and has registered more revenue and profits than the latter. Furthermore, it is expected to provide a trusted platform for more than $3 billion USD worth mobile transactions this year.
This new digital payment challenge strategy by Paypal has been announced in the wake of a similar campaign being run by Google, which involves users in 3 different cities carrying out all their transactions via their smartphones. Paypal is also planning to sue Google with a claim that 2 of its former employees illegally stole and shared Paypal’s trade secrets after leaving Paypal for Google.
Tags: PayPal, SmartPhone, Wallets
