Will Smartphones Replace Credit Cards And Cash?

November 29, 2012|  

Technology has changed rapidly. It reduced the human work thereby saving time and money. Smartphones are ruling today’s market. There are various mobile handsets available in the market which helps in doing the smart work without much effort. Nearly 60% of the population are using the smartphone devices which offer numerous benefits such as 
  • Prioritize the tasks which alert you about the upcoming events and helps in managing the daily tasks effectively.
  • Everything can be done at your fingertips.
  • One of the important features provided by these handsets are mobile payments.
  • Can receive the updated information.
  • High security
  • Send or receive emails.
  • Share the files using wireless networks. 
Phone with money
source: just5.com

You can stay connected with business at anytime from anywhere. With this portable device you can do all the tasks that can be done with the help of PC and laptops. These handsets will surely replace the credit cards and cash in the coming years. They became an important source of payments irrespective of time and location. Recent survey states that mobile payments will increase to $200 billion by the year 2015 which has been $16 billion in 2010. The mobile card acceptance market is growing quickly by increasing its merchants. 

For example Square Inc. Introduced by Jack Dorsey became one of the popular mobile apps for paying the instant payments. Similarly e-bay designed PayPal. Recently Intuit Software Company developed Go Payment application. Payment merchants are trying to widen their transaction work by introducing more and more applications. 
  • The square is the best known card reader. Today it is processing nearly $4 billion payments. Intuit Inc. Released the free version of Go Payment along with the free card reading service. PayPal became the competitor to the square which helps the small business owners to pay their credit and debit card expenses. It offers free tingled shaped card reading facility for the small merchants. It charges an amount of 2.7% for every purchase on all credit and debit cards.
  • Through NCR you can make cloud based payments which help the self-regulating retailers to accept the cash through iPhone or tablets.
  • New services offered by Visa allows financial institutions and network workers to securely install the account details on their Smartphones supported with near field technology.
  • Now a day’s many people are replacing physical credit cards with virtual one where the applications will allow you to make payments at any time and where.
  • PayPal modernized the way of payment transactions. Now there are various apps on the mobile phone where you can even divide the individual payments and keep remainders to alert the quick payments.
  • Simply scan the card and make payments. You can get rid of card losses which are one of the best ways to make the transactions. Google is trying to change the interface of the credit cards into virtual wallets.
  • In countries like Kenya 75% of the mobile transactions will be done daily to pay for their items and services. Credit card readers became obsolete with the introduction of near-field communication technology. The newly designed chip will keep a track of your credit information and when you lift the phone towards the scanner for purchasing the items this chip informs the scanner with the necessary details that helps in making the easy transactions 
Smartphones are expensive. To take the advantage of the technology you need have a Smartphone with the best applications. If you don’t have sufficient funds to purchase this handset apply for same day cash loans that offer quick cash. 

Author Bio: This post was written by Jessica Williams, who loves to write articles on various topics like finance, health, technology. Previously she has done research on ppi claims and currently she is focusing on technology related articles.

This post was contributed by one of our guest authors. If you would like to contribute for our blog, you can contact us.