09 Oct '13, 6pm

Should money go digital?

Should money go digital?

Money2020’s presenters had a lot of high-tech solutions for money’s challenges: “mobile wallets” that help customers use their smartphones to pay digitally at stores rather than with cash or cards; “gamified” savings accounts (as in, accounts that incentivize saving with game-like rewards); and digital checkout counters for brick-and-mortar stores. The conference attracted big companies like Google, Visa, and PayPal along with smaller upstarts, which created a dynamic of gentle rivalry. Among the larger companies, Google, PayPal, and Square are launching their own mobile wallets. Some startups are taking a similar approach. “The competition is plastic, and plastic makes for a really good experience,” Mike Abbott, the C.E.O. of a mobile-wallet company called Isis, explained during his keynote address. Abbott hopes to get people to put their credit cards on their phones. Wit...

Full article: http://www.newyorker.com/online/blogs/currency/2013/10/bi...

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