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Choice Cut... Phone payments

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By Garth - on Fri Jun 17 2011 - 1 comment - share this article facebooktwitteremail+1


As a result of their increasingly powerful functionality and capabilities mobile phones are increasingly being used for financial purposes and two examples of this that I find particularly interesting are Google Wallet and Square.

Google Wallet essentially wants to turn your phone into your wallet. How handy would it be to only have to carry your phone around! It's an android app that basically stores your plastic cards virtually on your phone. One caveat is that you need a Near Field Communication (NFC) ready phone to use it but this is becoming a standard feature now and the cost is coming down rapidly. The system is still quite embryonic and only available with a few carriers in the United States but it's still very interesting and could herald a revolution in the way we pay for things.

GoogleWallet

Square is an initiative from one of the co-founders of Twitter that allows merchants to take credit card payments directly on their phone, by either swiping the card through the device or punching the numbers in manually. Their website is beautifully designed and I think they're onto a pretty smart business model (2.75% commission on transactions, no contracts or signup fee).  Again this is only available in the States at the moment but hopefully they extend it globally as I think it has wide appeal and it could really take off.

Square

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I can't wait for these technologies to become mainstream. I'm sick of carrying around my wallet, an EFTPOS Card, a Credit Card, Cash, Swipe Cards, IDs and Drivers Licenses. My dreams will come true (well some of them anyway) the day all I need is my phone.
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