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Smartphone = Smartwallet: the age of mobile payments

By the end of 2011, mobile payment users are expected to total more than 140 million people worldwide. It’s no question that with the rise of enhanced mobile devices, such as smartphones and tablets, people have embraced new ways of gathering info, communicating and consequently consuming products and services. From apps to social media, simple web searches and everyday phone calls, so much of our daily life has become intertwined with portable devices and it’s only natural that payment processing becomes a part of this growing movement.

At the forefront of these new mobile payment initiatives is NFC (Near Field Communication), a revolutionary way to use technology to make simple low cost secure purchases through a mobile device. The concept is similar to the “pay pass” chips offered by most credit and debit card companies and widely used by gas stations in the form of a key chain swipe system.  Transactions can process simply through close proximity between two devices set-up with NFC technology, only a few centimeters apart.

No longer will people need to keep track of cards, cash and even the wallet itself, one central device will hold all of your vital daily resources. The offshoot for waste management is endless as well, as mobile payment solutions continue to move us towards a paperless society.

So next time you’re in line for that latte, pull out your phone and instead of making a call, send a text or type that tweet while you wait, pay for your coffee instead!

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