Too tired to stop at the ATM to get money or stop in the bank to transfer cash to a friend or child in college? No more lost credit cards, checks, and wallets. Your life has just changed – mobile
payment is your new BFF. Money goes mobile! Yet again smart phones serve another important function – the movement of money. Your smartphone is now also your digital wallet.
Mobile payment will enable you to buy, sell, move, and transfer cash from one entity to another, anytime, anywhere. How has money gone mobile? Mobile payment is an alternative payment method from using cash, check, or credit card. Mobile payment is used via a smart phone (your new digital wallet) to purchase digital and hard goods. Transactions through the digital wallet apps are fast and efficient.
Money Goes Mobile
Here are a few mobile payment / digital wallet services to try that offer different types of features to fit your needs.
Samsung & Visa Team Up
Mobile Purchasing from the new Samsung Galaxy S4 smart phone is coming soon. The company just announced it’s teaming up with Visa to add a built in Visa payment service in its smart phones. The service will also work with other payment apps and wallets to process payments. Online payment processing is the process of securely managing and processing electronic payments made through the internet or mobile devices, using encryption and fraud prevention measures. The service will work by waving the smart phone at a cash register.
MasterPass
MasterPass is a digital wallet app that securely stores your credit cards and payment address for each card – so when you purchase items online you simply choose MasterPass. No extra steps of entering in credit card information, address, etc., each time. Purchasing on the go- simply wave your smart phone or tablet over the bar code to pay for products, avoiding checkout lines – similar to self checkout at the supermarket but you scan product bar codes as you walk through the store, making checkout unnecessary. It also supports QR codes, NFC Tags, gift cards, debit cards, and department store cards. This is will be available this summer.
PayPal
Phones and tablets, stores and online, use PayPal for your checking, debit, and credit card transactions. One of the most secure and long standing electronic transaction companies, PayPal has moved into more retail and business apps as a payment source. Starbucks just added PayPal as another sources of loading up your Starbucks app. You can buy, sell, and transfer money between accounts and to other people. Doesn’t matter what or where you buy from there is no transaction fee. PayPal is not currently accepted by all major retailers or online companies, Amazon does not accept Paypal Pay in 4 but PayPal does have its own online shopping site that has hundreds of retailers to shop from and use PayPal payment service.
There is no rush to mobile payment adoption by most smart phone consumers, but with the movement of technology, credibility of some companies, and our wireless environment I predict adoption will steadily increase. I suspect that users need to feel comfortable and secure with the technology.
