An electronic payment company said that the traditional wallet will be out of date in the United States within four years.
US: Electronic payment will replace wallet in four years.
The old-fashioned wallet will be obsoletein the US within four years, an electronic payments company has claimed.
An electronic payment company said that the traditional wallet will be out of date in the United States within four years.
Scott Thompson, the president of PayPal, said: "We believe that by 2015 digital currency will be accepted everywhere in the US – from your local corner storeto Walmart.
Scott Thompson, president of PayPal, said, "We believe that by 2015, digital currency will spread all over the United States — — It can be seen everywhere from the local corner store to the Wal-Mart supermarket chain. "
"We will no longer need to carry a wallet," said Mr Thompson, whose California-based company profits from customers switching from physical money to payments online and over mobile phone.
Mr. Thompson said, "We won’t have to go out with our wallets in the future." Online payment and mobile payment are replacing tangible monetary payment methods, and his company in California is benefiting from this change of customers.
"Consumers are increasingly giving up traditional payment methods," including cash, cheques and even debit cards, Mr Thompson said.
Mr. Thompson said: "Customers are gradually giving up traditional payment methods", including cash, checks and even debit cards.
Earlier this week Harrods became the latest major retailer to stop accepting cheques as payment.
Earlier this week, Harras Department Store became the latest large retailer to refuse to pay by cheque.
Mr Thompson made the comments in a blog post to mark what the company claimed was its 100 millionth subscriber.
Mr. Thompson made the above comments in a blog post commemorating the company’s users exceeding 100 million.
The company has launched a publicity campaign in which five people in San Francisco will attempt to pay for all their purchases with digital currency, despite the fact many shops still do not accept it.
The company launched a publicity campaign, in which five participants from San Francisco will try to pay only by electronic money, although many stores still fail to accept electronic payment.
PayPal has said it expects to process $3 billion (￡1.9 billion) worth of payments over mobile phones this year.
Paypal said it expects the mobile payment transaction to reach $3 billion (1.9 billion pounds) this year.
(Editor: Xue Lin)