Digital Wallets: Not All “Independence Days” Take Hold….
Bloomberg News
In the spirit of Independence Day, let’s take a look at an article from PaymentsSource.com that explores various attempts to become “independent from checks, cash, and cards.”
Their list includes venerable “we’re going all-digital” efforts like Venmo, Green Dot, and even PayPal – – all have sought to declare independence from plastic cards and checks, but after a bit of time in the market have found themselves having to offer paper and plastic options. As we’ve discussed in this space, some companies just prefer checks and paper payments, and there are a sizable amount of people in the market today who prefer a physical manifestation of payment, not entirely comfortable with “virtual transactions.”
So, as we observe the 4th of July here in the United States, let’s remember that not all struggles for independence reach fruition, which is why this is truly a week to celebrate!