Dr. Glenn Gearhart CEO of World Market Vendor Services, Inc. provides News and Commentary

Benefit from being on the “Winning Side”

Using the new Digital CASH Money to assure sales Growth!


I want to bring you current on the new Digital CASH Money and how you can assure you are on the willing side of this struggle. There is a major struggle on-going for the future and control of the global money and payment industry. This struggle is between the old guard, the well-established banking industry, and the new kids: the wireless digital mobile phone industry.

The old guard supports the plastic credit card as the global solution to the need for a payment system that does not use cash. The new, mobile phone industry, believes that digital mobile phone money is the global solution for the payment needs of the future. Old money investors support the old guard’s plastic credit card payment system. This group is betting on the continuation of the plastic credit card as the core and the future of the payment industry. The smart money investors are supporting the new technology, the use of digital money, paid via a mobile phone. Why is betting on digital money the smart thing? What evidence is there that digital money is winning this struggle and will deliver high profit returns for the smart money inventors?

Ten years ago, even 5 years ago the jury was still out on this subject. But in the last year or so, sufficient facts are now available to call the race WON for the smart money investors. Digital money will be the ultimate major player, the winner, in the global money and payment industry.

How can I make such a statement? Let us review some very conclusive facts.

1] Credit Card Usage: MasterCard has reported that only 15% of the world’s population have or will use a credit card. That means after 30 years of pushing plastic, all of these regional and global credit card companies have only captured 15% of the global purchasing public! Not a very robust marketing program and not a very strong acceptance from the consuming public. Not a very successful performance by the old guard.

Based upon this historic trend, assuming no viable competition and good luck, and giving them 30 more years maybe the old guard will get to 30% of the consuming public. At that pace by 2413, they will still find 70% of the global consumers are refusing to accept and use credit cards for online purchases.

2] Rise of Digital Money: Mobile phone sales and usage are on a growth curve that can only be defined as an amazing success story. According to Smart Insights, as of January 8, 2013, there were over 4 billion mobile phones in use worldwide. The United States Census Bureau (USCB) estimates that the world population is over 7 billion. Assuming one half are of consumer age (3.5 billion), then a mobile phone is in the hands of all of the global consuming public with another half of billion left over for the very young.

But to get to the real comparison of old guard to the smart money, we need to look at the use of smartphones for eCommerce shopping and also the number of SMS enable phones. That will provide the basis to compare the ability of mobile phone consumers to buy online and to pay bills via SMS. The results being how successful is digital money usage, compared to credit card usage in the online payment community.

Smart Insights reports over one billion smartphones are in use globally, and over 3 billion mobile phones are SMS enabled. These are big numbers and massive global coverage. Although the smart money is receiving great returns on the selling and usage of mobile phones, this discussion is addressing the struggle for the future and control of the online global money and payment industry. Therefore, we need to concentrate on the deployment, growth and use of smartphones. There are volumes of data on this subject, but we only need to look at a few factors to see who the winner is. Those factors are the deployment of mobile broadband service, and the mobile user switch over rate from standard mobile phone service to smartphone service.

If you need any help on this subject, just look at the global acceptance and use of the iPhone and iPad. Look at Microsoft’s commitment to a Microsoft smartphone and you know the publics transfer from standard mobile to smartphone is only constrained by the speed of build-out of the mobile broadband service.

Once a consumer has a smartphone, it follows that a digital money wallet is a normal accessory. Once a smartphone user has digital money and an eCommerce shopping mall that accepts digital money (Digital Cash), the credit card industry is no longer needed.

Conclusion- With the rise of eCommerce sites that accept digital money (Digital Cash Money), the credit card industry will lose in the eCommerce marketplace. Now with the emergence of World Market payment by PinPay as a global “Digital Cash Money” shopping center and outlet mall, the end of the credit card as the solution is very near.

World Market payment by PinPay is a game changer because it accepts digital cash and provides digital cash eCommerce service to all smartphone users, and also all laptop and desktop users with internet access, covering 235 countries and territories in 66 languages.

3] Transfer Ease and Cost to Consumer: The ease with which a smartphone user can setup and fund a digital cash account is a key element to the success of digital cash. The methods and procedures vary by country and mobile phone service provider, but most mobile phone digital wallets are not difficult or expensive to own or operate.

However, to ensure smartphone users join the digital money eCommerce revolution without any unnecessary difficulties, World Market offers digital cash accounts (a World Market mall dictated, stored value digital wallet), to all consumers in all of the 235 countries serviced. To load a World Market digital account, simply transfer funds to the account.

Depending upon the country and the available options, both electronic funds transfer and walk-up cash pay top-up is available at participating top-up locations. Although many smartphone users have a bank account, opening and using a World Market digital cash account does not require the user to have a bank account, any credit rating, or any credit or debit card.

Loading is not difficult or expensive. As an example, if you are a resident of Canada or the US, and have a bank account and an email address, you can electronically add funds to your World Market digital cash account for 30 cents, which is less than a postage stamp.

4] Transfer Ease and Cost to Merchants: The costs and setup procedures required to add a digital cash payment service to an online store’s shopping cart can be a very big problem for many small and mid-size retailers. However, that problem has been completely removed with the introduction of World Market service.

Using World Market payment by PinPay the transfer by an online vendor to accepting digital cash for online product sales requires no new equipment to purchase or install. Any vendor can easily make the transition to World Market provided digital cash selling.

5] Failure of the Radio-frequency identification (RFID) Venture: The old guard still thinks they are in power and anything they propose will have to be accepted and used by both the merchants and the consumer. They have not accepted the fact that there are alternatives.

Whatever momentum the RFID credit card payment system was gaining got abruptly stopped with the announcement: “Card-skimming thieves can make fraudulent purchases with information read from RFID-enabled credit cards carried in pockets and purses.”

6] Poor response to Verified by Visa. The failure of consumers and merchants to accept the credit card industry’s attempt to cut down on payment fraud with the introduction of Verified by Visa and other such offers is another set-back for the credit card industry and the Old Guard.

In contrast, World Market, uses digital money (Pay-Online-With-CASH™) for it’s global eCommerce service. It has no credit card fraud issues to address. World Market and PinPay were designed from the ground up to assure there would be no issues of payment fraud.

Given that digital money will win this struggle – how does a vendor (retailer, distributor, supplier, provider, manufacturer, wholesaler or business) gain access to the benefits being offered by digital money? Is there a simple and low cost approach that allows a vendor access to sell his products online and accept digital cash?

Yes, there is a simple approach, it is to sign-up for the services offered by World Market. By joining World Market, you are not only removing the issue of payment fraud, your products are displayed and promoted at a digit cash-pay shopping center and outlet mall. One that services 235 countries and territories, and offer products in 66 languages.

I have now told you the future, plus a way for you to assure your business is a participant in the successful path to the future. My advice, get on the right path – Join World Market NOW!