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Credit Card Applications » News » Other » Wallet of the future-Smart phones

Wallet of the future-Smart phones

September 16, 2010 | Updated on September 16, 2010
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This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

Banks, credit card companies and retailers are teaming up with cell phone makers to provide the stepping stones to what could be a future without wallets.

Intuit and Mophie are introducing for Iphone 3g models a credit card reader to use an 18 month old Go Payment software. It is the newest accessory that is being put up by Apple stores to help consumers.

The idea works by allowing people and small businesses to have payments done without the cash register to accept more than cash on a device that numerous consumers have at hand. Even when non traditional retailers are trying to make a purchase there is hope that consumers will definitely find it more easy to use than having to carry cash with you.

While cash and plastic remain the popular choice for a lot of business retailers it could be transformed by smart phones being used more each time. There are attempts to move personal finance details on the phone and online. There are attempts being made to make ti more convenient for consumers to pay without using cash or plastic and it is working more often than not.

Verifone has also developed a swiper for iphone to help small businesses process and accept payments immediately without having cash registers handy. There are smaller companies playing the field as well trying to bring legitimate ways of giving consumers a chance to pay without having to handle large volumes of cash each time.

There are many big companies joining in the race to transform payment using mobile phones and it could be a booming business in some years if done right. The companies are looking at at least $11 billion in point of sale transactions through mobiles by the year 2013.

Payment without contact is something that has been implemented by using a clip for key chains and it is being used a lot by smart phones. There are numerous wireless carriers that are participating in the department to move things forward. AT&T, Verizon, T-mobile are all beginning to launch programs where people get to use their phone instead of a credit card and it is being launched in many U.S. cities.

While many moves are being made, there is still the need for the complete infrastructure to be established for the payments to be done smoothly. Consumers are taking to it pretty quickly and there are numerous payment consultation companies that are also being roped in.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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