Virtual Card Questions

(1 Point) How long do you think it’s going to take to get to all virtual cards? How many years?
I do not think virtual cards will ever take complete dominance over the consumer’s way of purchasing. I will have to say 0 years, because it will never happen.

(1 point) Why?
To support my stand against virtual cards, I present evidence of the present day. In today’s day and age, we would believe that the form of coin and paper currency has eliminated the previously inconvenient barter system, but that is false. Even though it has been over thousands and thousands of years since the introduction of coin currency, the traditional barter system still exists strongly alongside the paper and electronic currency system of today.

(2 points) Who will not be on board with this new virtual wallet?
I believe the people who will not be on board with the new virtual wallet are people whom possess a certain personality pallet. People, who are stubborn, hate change, want things to remain the same, and people who have major security issues with electronic money currently as it is.

(3 points) What companies are going to be affected negatively by this? Name 3
The most significant impact of turning towards all virtual cards would be felt by small and independent companies, such as the corner store on Victoria and 43rd, who don’t have the means to purchase all the equipment required to operate in this new situation. Bigger companies such as Louis Vuitton and Michael Kors will also be affected negatively by this, as the demand for wallets will decrease.

(3 points) Who is going to make money from this? Name 3 (industries)
Banks will obviously make money from the usage of virtual cards, as you have to apply through them to get in touch with one. Where they would make money is through all those fees they charge you like activation and franchise fee. The plastic industries will also benefit, as there will be a higher demand for their product to produce the virtual cards. An arguable industry would be the retail industry, as credit cards would allow consumers to purchase more expensive items, since they virtually carry their entire bank account with them.