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 ?
What I don't understand is this only going to be able to be used with a smart phone? How safe will it be to use and know that no one else can steal my information? Where do you add more money? How could this be convenient for a elderly person? I believe no matter how much technology moves forward, there will always be the need for a financial institution. We will still need loans and people continue to like to buy CD's, money markets etc. Some people no matter what you do to prove them different, will not trust technology and prefer to do things the old way,they feel safer going into a bank and handling there transactions that way.
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ReplyDeleteThis technology would be available for use on a wide range of mobile devices that are NFC enabled, which is primarily smartphones. While security is always a major concern, they are usually dependent on the IT security of the service provider. The apps are linked directly to your bank account for easy transactions. Elderly people are benefited from these technologies by the convenience in not having to go out and shop/run errands.
ReplyDelete-Digital Payments Group
The transition to universal mobil digital money and other forms of digital payment has already started. In fact, the biggest challenge will be attacking the cumbersome design of the payments system itself, the world's payment infrastructure will require the collaboration of all the industries involved, bankers and regulators need to work together to achieve the necessary efficiencies and innovation. Consequently, million of people will become part of the world's digital economy. On the other hand, there are many around the world that can neither afford a PC or an Internet account, smartphones or perhaps they don't have a bank relationship or credit card, also there are some countries that don't even have the basic payment service such as online banking or electronic transfers. Surely, cash, stores or banks will remain unchanged for these people. For the most part, I consider that digital payment will take years until it replace these elements.
ReplyDeleteWill this move to a barcode and or a microchip? Will we be scanned instead of having to log on a make a digital payment? Where does it stop? Digital payments are great but what are they leading to? It seems that things are becoming easier with things such as digital payments but it also is taking away the need to be physically present, which inturn is taking away human interaction.
ReplyDeleteI do not think this technology will replace ATM's or banks. believe it or not, there are still some people who do not have call phones, much less smart phones. Also these places are still important and have other uses besides moving money. People apply for loans and mortgages at banks which I doubt could be accomplished on a cell phone.
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