Welcome To The Cashless Society: Mobile Payments On Your Cell Phone

Mobile Payments Are Here to Stay

It's mind boggling how we live what was science fiction when we were kids (guessing my age now?)- paying for things without physical money?  First we got debit and credit cards to slowly replace cash.  Now paying for things with your mobile phone?  It's amazing how fast payment technology has progressed in the last 20yrs.  What's next?  Maybe when my kids have kids you can go to a coffee place and 'think real hard' and squint your eyes and send brainwaves into the store's future merchant account terminal.

Below is an excerpt from a post about mobile payments.  If Google is moving into this arena, then you can bet it's going to be a big deal in the near future.

Mobile frenzy

Mobile payments seem to be on the fast track with just about every tech related company steaming ahead at trying to be the first with a workable and widely adopted mobile payment method. Even Google has jumped in, despite Paypal’s arguments, and hopes to be a major player in mobile payments. If the Google Checkout service is any indicator of Google’s success in mobile payments, they simply aren’t going to make it. However, with their success in the mobile android operating system, and their already massive relationship with businesses, Google may have a chance at something….More at Payment Industry Changes – Debit Interchange Regulation

 

Mobile payments is not some fad that is going away.  Cellphones are cheaper and better each year and everyone has their phone with them so it makes sense to buy things as you live your life with your cellphone.  We can eventually buy and sell with friends and co-workers for little things as this technology evolves.  Buying from a non business with your phone- how cool is that?

Businesses that are mobile in nature like restaurant deliveries, on the road sales persons or on the road home improvement contractors are going to love the low cost and convenience of accepting payments anywhere their cellphones get coverage.

 

Mobile payments are going to skyrocket to $670 billion dollars a year by 2015 according to this Juniper graph!

mobile-payments

Image by sam_churchill via Flickr

 

The above tweet has an interesting article linked to it about mobile payments and what companies are doing to capture this booming industry.

 

Here is a related post on one of many cell phones that will have the ability to make payments through it's technology: LG Viper Will Be Sprint’s First LTE Phone

 

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