Some people are skeptical that Palm and VeriFone's vision will materialize. One of the biggest barriers to the adoption of new forms of payment is that people are, in general, pretty content using cash, checks and credit cards. But I see a hidden benefit in the PDA-wallet notion, after recently losing a credit card at Macy's when a clerk forgot to return it. But businesses would be able to cultivate deeper relationships with customers. PDA or wireless phone transactions could involve electronic coupons or a voluntary disclosure of demographic information in return for a discount.
All signs point to yes.
A number of companies have tried to devise forms of digital cash or enable consumers to engage in micropayments that didn't involve credit card issuers or clearinghouses. Most quickly ran out of steam. But even if it does prove difficult to displace the card issuers and clearinghouses, that doesn't mean that new kinds of digital payment won't crop up. My bet is that you'll soon use your wireless phone to buy a newspaper and your cable box to order and pay for pizza, and your E-ZPass automated toll payment system not just for turnpike tolls but for parking meters and garage fees too. Back at Babson, before the evening ended, Boggs complimented me on my black leather jacket.