Wednesday, May 26, 2010

PayPal president sees cash-free future

In the future, virtually all payments will be online, and consumers will pull out mobile phones instead of wallets when it's time to pay, says PayPal President Scott Thompson. The company claims 84 million active users and last year moved to expand its reach with PayPal X, which lets third-party developers create businesses using its payment platform. "What we've learned is that when you make your thing the easiest possible thing to use, the easiest possible thing to integrate, the easiest possible thing to embed, and extend it and give it to people who are entrepreneurial in nature, they will do fascinating things with it," Thompson said.

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