Cleve Gibbon

Digital wallets are on the rise.  In year COVID – 2020 – digital wallets surpassed cash as the number one payment at all point-of-sales globally.  That’s a big deal. But what are you and I using now instead of cash?

Cash was King

I’ve got a baby on the way. So my wife and I are changing things up at home.  We’re buying and selling furniture. Nesting if you will.  My wife posted a sofa on Facebook Marketplaces for $3000 and Brian said he wanted it.  

Brian> Cleve, do you mind if I come over at 10:30 am to take a look 

Cleve> Sure, no problem Brian

Brian> Awesome, I’ll see you then!

11:30am and Brian rocks up at all flustered and wet.  It’s raining.  Wife and U-haul in tow.  

Brian> Had an absolute nightmare withdrawing $1,500 from a Bank of America ATM

Cleve> How come?

Brian> Typically, we don’t withdraw this amount of cash.  Fraud checks and all.  Took me an hour on the phone to get the cash.  But here it is.

This was literally my first cash transaction since moving to America back in October 2019.  I was happy for Brian but confused as to why he was using cash. I said nothing.  My wife and I showed them our sofa and they agreed to buy it.  

Brian> Right, the downpayment.  Please count it, I’ll feel better that you do.

Brian stuffed the dollars into my hands and asked me to count them. I did as instructed.

Cleve> Okay, all good!

Brian> Super, where’s the nearest ATM so I can get the remaining cash.

Towards digital wallets

I pointed Brian towards the nearest ATM five minutes up the road, and they were gone!  45 minutes later and still no sign of Brian.  In the meantime, we sold another sofa, paid using Venmo (a digital wallet), the buyers had collected and gone.  Okay, Brian’s back!

Brian> That was a nightmare. We couldn’t get any more cash out.  We’re at the limit for today.

Cleve> Yeah, it doesn’t matter what ATM you go to, the limit is the limit!

Brian> However Cleve, I can use Zelle.  It’s a digital wallet I never knew I had on my phone.

Cleve: Interesting. Zelle works for me.  Do you want my cell number?

Brian> Yeah, that’s it, all you need to give me is your cell number.

So Brian and I stand side by side – we didn’t need to do this but did – and in 60 seconds we’re done.  

Brian> I had no idea I had a digital wallet, literally on me all the time.  Why would anyone go to an ATM?

Why indeed?

The Cashless Future

So going forwards Brian will double down on his new digital wallet.  For me, I have the added challenge of going into the bank branch to deposit Brian’s first cash payment of $1,500.   Today, cash is hard to work with.  However, as more and more people with mobiles unlock their digital wallets, increase the number of transactions through them, the future of banking will truly become decentralized. 

Imagine that. Imagine.  That!