For Gen Z, Mobile Wallets Are In

EconEye Admin

4 years ago

For Gen Z, Bank Accounts and Cash Are Out, Mobile Wallets Are In

The use of bank accounts and cash is waning among younger customers. Gen Zs are embracing new tools like mobile wallets that store information from credit cards, debit cards, coupons, and loyalty cards.—computerworld.com

Venmo Expanding

While typically used to pay or request a payment from a friend, family member, or someone you know, more and more retailers are now offering customers the ability to pay in-store purchases simply using Venmo.—masslive.com

Answer the following questions to check your understanding of the story.

Are the cards and coupons stored in a mobile wallet money?

a) They are money because credit cards, debit cards, and coupons are stores of value.

b) They are not money because they are not mediums of exchange.

c) They are not money because they are not means of payment.

d) They are money because they are widely accepted in payment for goods and services.

When you use the cards and coupons stored in your mobile wallet to make a purchase, is the debt settled or do you need to make a further final payment? Are the cards and coupons stored in your mobile wallet money?

Money is any commodity or token that is generally acceptable as a means of payment. The cards stored in a mobile wallet aren’t a means of payment. Credit card and debit card purchases must be paid with money—cash or a bank account. And a coupon is a promotional tool that allows the purchaser to pay a certain price or obtain a special offer. A coupon isn’t a means of payment.

How does Venmo compare with cards and coupons stored in a mobile wallet?

a) Payment with Venmo and payment with cards and coupons stored in a mobile wallet are both forms of ID that allow you to take out a loan.

b) Payment with Venmo is similar to payment with cards and coupons stored in a mobile wallet because neither are a means of payment.

c) Venmo and the cards and coupons stored in a mobile wallet are liquid deposits that can be easily convertible into a means of payment without loss of value.

d) Payment with Venmo settles a debt but payment with cards and coupons stored in a mobile wallet does not.

Is Venmo a means of payment? When you pay with Venmo, do you have any further obligation? What about when you pay with the cards and coupons stored in your mobile wallet?

Venmo is money. Payment with Venmo settles a debt because when you pay with Venmo, you have no further obligation. Cards and coupons stored in a mobile wallet do not settle a debt. They are not money.

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