You do realize that these magic readers have existed for quite a long time. Used to have a dongle on the keychain for getting gas, then they started showing up in cards; just tap and pay. Then many android phones had it - that was the great time, used to get loads of free things for paying with the phone or tablet. Then the machines started breaking. Maybe now that Apple is finally in the boat two years later, some of those machines will get fixed and for a little while I can reach for my phone instead of my card.
But I figure it will be pretty much a repeat of two years ago, everything will be fab for a couple months, and then the machines will start breaking again and we'll just pull out the cards again.
People do change, debit cards were a massive game changer - hardly see anyone under 40 using a check anymore. Amusing watching someone write a check, the clerk taking it, running it through the machine and handing it back to the customer. 'What's wrong with my check?' and the clerk replying 'Nothing is wrong, you've paid for your item, we've already gotten the money from your bank, and now I'm handing back the used check for your records. It is a security risk for us to keep checks now.'
But ease of use is always going to be the champion. First time someone comes across a broken paypass machine and held up a checkout line banging their watch against the reader, they're going to pause next checkout and go 'huh, I know the card will work, the gadget might not, maybe I'll just use the card - plus I want to get cash back anyway.'
Who knows, maybe this time will be different and all will be rosey. Doubt it.
Anyway, digressed from the topic - virtual money is already king. I have checks for one place - a local pizza place that doesn't accept credit cards, just cash or checks. Even the local donut shop which led the way in refusing credit cards has finally given in and now accepts them. I pulled $600 from the bank three weeks ago, and still have $560 of it in my pocket.
And barter is becoming a dying art - it is very difficult to budge anyone off of their marked prices anymore. Heck, look at eBay, the 'biggest online auction site' has reduced the number of auctions to a small percentage of the overall items available for sale. And while 'best offer' is accepted on a lot of auctions, getting someone to actually accept the best offer is rare.
There will be some people who will accept gold and silver as a medium of exchange if the S does HTF. But don't expect change, and I guarantee the guy who has loaves of bread will find more takers than someone who has a double eagle.
It seems to me that a big problem with virtual $$ is whether “security” can stay ahead of the hackers, without it all becoming too much of a “hassle” for average people to deal with.
Actually, I’ve been fairly successful in buying off eBay by making “Best Offers” that have been accepted. Granted, I try to make a low but fair offer, and not offer 1/10th of what the item is worth.
Still, it is true that the % of auctions on eBay has decreased markedly - but I wonder about the absolute number???