Your Wallet will be extinct in 10 years - or so this guy claims

Sep 25, 2013
Posted by: David

I find it interesting how people predict the future, if we look back to the 60's and what they were predicting for the end of the century little of it is true.

In this article we are told:

"It’s a little bizarre to think that in a decade from now (or probably before), the traditional wallet will be pretty much extinct. By then, most of us will use our smartphones as our wallets, just like we use our phones for everything else. "

But I have to question this. Do I really believe in Turkmenistan to Turkey, Russia to Rwanda, Austria to Australia a new way of paying for things outside of cash and scheme branded card will become so common I do not need my wallet. I doubt it, I really do believe that whilst mobiles and mobile payments will continue to increase in popularity with the fragmentation of the standards and platforms that I will still be carrying a few generally accepted payment tools as well - cash and cards.

QR Codes vs. NFC: The Battle For Your Mobile Wallet [Infographic]

There are two technologies paving the way for our future mobile wallets. Those are QR codes and NFC. This infographic compares them both side by side.