The progression of technology and the way we pay for things is changing, and the act of completing mobile payments has finally begun to move from science fiction to reality. Mobile payments provide ease of payment increased security, and efficient tracking by using a device that most of us carry around already; our smartphones. All a customer has to do is swipe their card on the merchant’s mobile payment device, and within seconds their information is scanned and charged. There are now many more situations where not having enough cash to pay for an item is now becoming obsolete.
The number of merchants accepting mobile payments is exploding, and many of these new users are trying out mobile commerce for the first time. With several key players being involved in the variety of mobile payment technologies available, it will be fascinating to see society move towards “mobile money.” Whatever outcomes occurs, consumers and businesses stand to win by making and accepting mobile payments; and they will only become more convenient in the future.
As merchants, financial institutions, and mobile carriers work together to figure out the future of the mobile payment system, Americans shouldn’t be surprised if their phone starts to replace the contents of their wallet over the next few years.