Goodbye, Wallet! Will Mobile Phones Become Future Credit Cards?

MartinMeyerGossner
Martin Meyer-Gossner Founder & Web Business Strategist, The Strategy Web™

Posted on July 8th 2011

Goodbye, Wallet! Will Mobile Phones Become Future Credit Cards?

No, I am not a big fan of wallets – only if those are filled with the right light bank notes… which not very often is the case. And I am looking forward to days when my back pocket can get rid of the heavy weight of useless coins that don’t buy big things, products or services. Now, the future seems to be nearer than I thought…

Near field communication (NFC) seems to become the rising technology enabling us to pay with our mobiles in the future. Startups like Square and some programs from brands like Starbucks and Google Wallet kick off a new era where mobile payments becomes popular today.

Gplus has created a nice infographic that nicely and easily explains how the technology works and how fast the mobile payments market is emerging and what might happen in the next few years.

Spot On!
Keynote speeches like the following on the future of mobile payment will also increase the speed of evolution in this field…

How do you think the mobile technology needs to evolve and be made safe for mainstream consumer use? Would you still want a receipt for your purchase? Will this evolution in payment (if it is one) really save time? Share your views…

 

MartinMeyerGossner

Martin Meyer-Gossner

Founder & Web Business Strategist, The Strategy Web™

Martin Meyer-Gossner is a web business strategist with sales, marketing, mobile and social media expertise in the media and technology business for more than 15 years. With his international consulting brand The Strategy Web™ (founded in 2008) Martin attends to connect business and organisations with consumers (or prosumers) – and opens eyes for new sales, marketing and customer service visions and solutions. He was partner and co-founder of the B2B IT decision maker community silicon.de where he held responsibility for marketing & sales service (sold to CBS Interactive in 2006 - formerly know as CNET Networks).
See Full Profile >

Comments

I'm curious to know how soon this will be available on the mighty iPhone or if at all.  Mostly what i've seen on the web refers to Android phones with the upcoming public release of Google Wallet.  PayPal is making attempts for mobile payments although that may be one of the few merchants providing it for the iPhone as it stands.  Anxious to see how it evolves and most of all the security behind it.

If my mobile replaces my wallet, it will be even more stressful when I'll forgot my mobile at home or when I'll be out of battery in the middle of the day. Lost with no money and no phone! Or... I'll still have to carry my wallet with me. As a woman, I always have a big hand bag with me so it does not make such a difference. But I can imagine that men will love it, specially those wearing suits. Can't wait to see the users demographic stat !