Will That be Cash, Check or Phone?
August 16, 2007 at 11:45 pm by Ehab BandarGiving money to someone, be it a friend or a business, near or far, has until recently been a fairly mundane affair. You could use cash, send a check, wire them funds, or charge it. Now with mobile phones practically ubiquitous and “smart,” they’ve become more than just a fabric of society, but fundamentally changing how we communicate, socialize, interact with others, and now transact. The personal aspect of cell phones is what makes them appealing to so many, and why it will also change the traditional notion of financial services.
The mobile phone as a device is essentially a portable computer with an attitude, and that attitude is you. The ‘I’ in iPhone is not just clever marketing, but for many an existential concept of “iPhone, therefore I am.” With smart phones, your life and preferences are practically imbedded in the device. Losing a cell phone for most is worse than losing their wallet. In some places, mobile phones can be used at retail stores by simply waving them across a sensor through contactless payments such as ViVOpay. (If you’ve done this, let me know).
The concept of paying by phone, whether it’s through a browser or app on your phone or even via SMS, is gaining credibility. With PayPal now supporting sending money by mobile number and Obopay gaining the blessing of Citibank, the concept is gaining legitimacy. It’s not hard to imagine mobile phones one day replacing the countless “plastics” in your wallet, and in turn giving consumers more control over their money, privacy, and expenses.
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