Well hopefully technology doesn’t scare you, because its about integrate into your life in a big way. If you haven’t noticed your phone can a do a lot more than simply make a phone call these days. I am sure you have been using it to check your email, browse the internet and take loads of awesome pictures, but have you used it to make purchases?
I am sure you have started to notice the merchant service machines at your local coffee shop, grocery store and bike shop are starting to look a little different. This is because many of them are becoming mobile wallet capable. This means that not only can you pay with check or card but you can actually swipe your phone now. The connivence factor for consumers is becoming increasingly desirable and many local stores are accommodating to this new trend.
Standard in many new devices, chances are you probably are already mobile wallet capable and you don’t even know it. The industry is new enough that not one single company currently dominates the market and you may have to shop around before you find a store compatible with your particular device. Though this is something that will not be a concern in the future, since one or two companies will probably be accepted everywhere (I’ll give you my guess who that will be). But until then, here some info to get you in the loop, so you can try it before everyone has to explain to you what mobile wallets are all about.
Mobile Wallets are essentially the new way to pay, no longer will people have to hassle with bringing their wallet or purse everywhere they go. By simply having your self phone you can now pay for many products over the counter. Much of the technology began with NFC (Near Field Communication), which is a chip in the phone that can be read by NFC merchant terminals. By simply hovering the phone over the terminal certain NFC equipped phones can make in store purchases. The NFC technology does face some scrutiny however, due to its slow adoption, and the infrastructure that will have to change for this to become widely used. Merchant terminals will have to be switched out with modern terminals that are equipped to handle NFC. Apple Pay, Samsung Pay, Android Pay and Google Wallet all use NFC so its obvious that big companies believe in the adoption of this technology. The technology is further developing to include cloud mobile payments as well.
The future of this technology is still rather uncertain and there are many companies trying to get a piece of the pie. Adoption by consumers and security issues leave some skeptical on the topic, but there are many drooling at the potential revenue that can be gained. There is no doubt in my mind that this will be something that we will all eventually use, but what it exactly looks like, and who will dominates the market is still hard to say. It will certainly be a long drawn out fight between some of the biggest companies of our time (Google, Samsung, Apple, Android) and I think there will be room for many. But exclusive agreements will leave one company to dominate them all (just like Visa) and its hard to say who that will be at this point, but if I were to guess it will be between Apple and Google. Stay tuned for updates and new findings on this topic.
Thanks for reading