Is the wallet going to meet its end or is it yet to stay around? Once MobilePay appears on the scene this will be an interesting observation to make.
With the advancement in technology life has become a lot more complicated. Imagine the kind of things we carry with us when we step outdoors. And everything that we carry is equally important and needs to be taken care of. We not only need a wallet to carry money but also a phone to stay in touch with everyone. The wallet in itself is a storehouse. It has credit cards, debit cards, membership cards, loyalty cards, driver’s license and of course money. What each one of ends up with is a big fat, well fed wallet. The more cards the more cautious you have to be of your wallet.
We would all agree that it is cumbersome carrying so much in our pocket. Carrying all this in a handbag is equally still difficult. You do not know what went where and you end up emptying out your handbag to search for one little object.
It is, however, time to get rid of those lines on the forehead and welcome the MobilePay USA concept. When the concept comes to reality there are great chances of the wallet to have its days numbered. Even if not completely wiped out it will surely reduce in size considerably. At the moment the concept is an iPhone application but soon it will find itself being expanded to other platforms as well.
In the simplest of terms, the idea is to replace the wallet with the phone. You simply need to feed in your data into the phone and henceforth you can make payments at the click of a few buttons. In case you own more than one card you can select the one to be used. All credit card information will be stored on a cloud, as against the handset. This means that your information will be absolutely secure. Gaining control over the handset does not mean that anyone can access your credit card details. Moreover, you also have a password to lock your application.
In case you lose your phone the password prevents the application from functioning. To be a little safer you can remove those cards from your stolen phone via the web.
With the location element you can get to check out stores located around you. Using your phone you can check in to the desired venue and carry out a transaction.
As a merchant you might be wondering about the software required to perform transactions. This, in fact, is the best part of MobilePay. You do not have to install any equipment. On the consumer’s part it is interesting because it runs without the addition of any new hardware. What’s more, it also supports mobile to mobile transactions.
Concepts to do away with the wallet and reduce the pocket load have always been coming. MobilePay is the latest to come and if replicated exactly as conceptualized it could be here to stay.