“Using cash is so 25 years ago. TheStreet caught up with PayPal CEO Dan Schulman to chat about a range of topics. Of course a talk about the future of physical cash came up.
Excerpt:
“TheStreet: Given your growth and others in mobile payments, are we looking at a world where there is no physical cash in 10 to 20 years?
“Schulman: I think that’s probably more accurate than not. The world is rapidly digitizing. You look at every industry, whether it’s media publishing or entertainment and you are now seeing different value propositions being driven by software and mobile connectivity. Financial services are no different. I think you are going to see more changes in the financial services industry in the next five or 10 years than maybe we have seen in the last 25 or 30 years.
“The world is rapidly digitizing. People are writing many less checks than they ever have before. Peer to peer lending, which once involved giving cash to a friend to split a bill at a restaurant, that’s now happening digitally.
Once the world is a cashless world, governments can seize control of many aspects of our lives through the banks. They will be able to coerce their citizens to do anything they want, including attend church on Sunday, through economic sanctions.
“And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.” Revelation 13:17.