Mobile payment is the next big thing when it comes to efficiency and convenience when making a transaction. Most people do just about everything on their phones, why not be able to make a transaction? I can check my balance, transfer money, and deposit a check just by simply taking a photo. Mobile payments are becoming more and more common especially for those people who are willing to put all their information on their mobile devices.
Once all the flaws are worked out and people realize the importance of having secure passwords as well as implementing a way to immediately cancel everything if their phone goes missing, it will be more prevalent than it is now. Considering that fraud is one of the main concerns it is vital that people are actually comfortable with this concept before any decides to adopt it. The three main mobile payment apps on the market today are Google Wallet, the LevelUp and Square.
When it comes to the future of transactions it is time to really consider what is going on here. Banks are capable of being the middleman and charging businesses in order to make debit and credit card transactions. Due to this, the lovely Bitcoin was created. After doing a bit of researching on Bitcoin it made me immediately think of this local coffee shop I used to work for. About halfway through my time working there we implemented a new system where if a customer decided to use a debit or credit card they would be charged a whopping .53 cents! Considering this was on a 4$ latte this could add up really quick… Not to mention cut into our tips. My boss decided that if they spent over 5$ the fee would be waived. The moral of the story is, Bitcoin according Amanda Krystalovich on CBCNews, “It’s a lot cheaper than accepting, say, Visa or MasterCard. It’s very secure as well.” Any authority, such as a central bank, does not control Bitcoin. This makes transaction prices much cheaper. This sort of system is perfect for implementing in small business that makes hundreds of debit and credit card transactions everyday.
It is time to look towards the future when it comes to money transactions but it is also important to look at the security implications of these new products.