Hello Mobile Payments, Goodbye Wallet
It’s not news that online shopping, mobile browsing and internet use for decision making is growing in leaps and bounds. But mobile shopping, not only searching for sales, locations and possible purchases, but making direct purchases via your mobile phone is.
The tech isn’t neww, it’s similar to Speed Pass you can use to pay for gas or convenience purchases at gas stations, but embedding the same chips into a users mobile phone containing your purchase information is a new direction for it. Mobile payments is expected to reach more than $1 trillion by 2014, and it shouldn’t be a surprise that there’s some big names trying to get in on the action. Visa, Mastercard, PayPal, as well as Verizon AT&T and even eBay are making their bids for their slice of the mobile payment pie. On November 16, Verizon, AT&T and T-Mobile formed Isis, a national mobile commerce network in a future making move.
“We plan to create a mobile wallet that ultimately eliminates the need for consumers to carry cash, credit and debit cards, reward cards, coupons, tickets, and transit passes..”
Michael Abbott, Isis CEO
With mobile search, mobile browsing and now mobile shopping and payments making such rapid progression, it won’t be long until we no longer need to carry an information laden wallet. Everything, who you are, what you have and what you own, will all be on a single chip carried with you embedded on your mobile device.