Currency Just Got More Current

Since taking its first form in the early 1950's, Electronic Funds Transfer (EFT) systems have been becoming more integrated into wireless technology and the internet, rather than remaining in its traditional physical form. Even in today's fast paced environment the preference of swiping a card has been increasingly growing over using means of cash. The main question that lies now is what if you didn't have to even swipe your card anymore? Present day technologies that are in developement include Intuit GoPayment Phone Card Swipers, digital wallets such as PayPass, and many more that are replacing traditional forms of payment. Businesses are pressured to invest in the technology to allow global consumers and suppliers to process transactions with just a click and swipe.

Mobile technology is creating a major disruption in the way we shop. mCOMMERCE, mPAYMENTS and mWALLETS are happening contactlesslly  through mobile apps, WEB and SMS/USSD. According to Pyramid Research Global Telecom Insider, right now there are approximately seven millions NFC-Enabled phones, by 2015 NFC-Enabled phones expected to be around 203 millions. Consumers use digital payments to buy almost everything, from entertainments and electronics t o plane tickets and travel services, there is almost no limits for the consumer using the phone to purchase. Its becoming clear that mobile payments will radically change the way we spend.

mPAYMENTS will transform customers lives! Providing a smarter, richer and more rewording reality, and this new age of mPAYMENTS retailers, financial institutions, technology companies, and wireless providers will have the power to deliver it. Future digital payments will generate a different world full with new possibilities. With flexible payment options, customers will have the opportunity to complete their purchase with many different payment options, for example Visa, MasterCard, AMEX, PayPal and even Facebook Credit, payment terms can be completely redefined.

Financial institutions will have the ability to personalize terms for every single purchase, for every single customer. Retailors and credit card companies may just have to compete for customers’ payment selection for every individual purchase. Now with the absents of physical credit cards, card marketing as we know it  may have to evolve. Empowered by personal financial management, customers will have more control of their financial health.

Questions and concerns :

-       What happens to the cash customers, the unbanked,  and the non-smartphone users  ?

-       What happens to actual stores and bank spaces?

-       Will ATMs even exists?

-       Are we ready for the revelation ?