Are wallets becoming obsolete? Some technology companies are working to make that a reality. You may be convinced in the coming year to start paying for things with your smartphone. Several services, including Paypal, Google Wallet, and Isis, are teaming with smartphone manufacturers and payment processing companies to allow you to leave your wallet at home when you go shopping, and instead store your credit card numbers, loyalty program information, and identification, all on your smartphone.
Similar to the mail services described in the last post, this creates a host of new privacy and security issues that are complicating the landscape, and also contributing to the rise in identify theft. On the other hand, mobile wallets could make it easier for us to track expenditures, take advantage of discounts, and allow us to carry less.
If you’re unfamiliar with mobile wallets, you may want to do an internet search of the services I’ve named above, or use general terms such as “mobile payments,” “mobile wallets,” or “pay with your smartphone.” I think we’ll be seeing a lot more about these services in the coming year.
Thanks for reading!