The future of electronic wallets:
The newest payment apps promise to make a lot of convenience, and to transform your billfold, however you may need to hold on to that phone. No more conventional wallets, welcome to the world of virtual currency, and even virtual plastic cards! All you need now are electronic wallets.
Now as mobile and versatile that the option maybe, a few of the short comings have kept mobile payments, from taking the market over; it is with mobile payments and these very electronic wallets that, the world will change as we know of it, no more wallets and everything that you will ever need all together in a phone, form your cards to your money. This is one of those ground breaking, revolutionary technologies, that will change the way commerce forever. After a successful acceptance and popularity of E-commerce, we present to you the whole, the M-commerce, which comes loaded with mobile payments and the many apps that make it possible.
According to a small survey conducted by Boloro, one can conclude that a few if not all of these tech companies, that have invented and are promoting M-commerce and shops seem to be convinced that you’d alternatively need to check out with your smart phone at a POS instead of the conventional methods of paying up in hard cash or with the swipe of a card. A store register will soon be capable of accepting the swipe of your smart phone and charging you for your purchases instead of depending upon the cards. This is both complicated and has a higher risk involvement, if you lose your phone… you lose your money too, for you carry nothing but your phone and the most threatening of all is the fact that this form of payment is not acceptable everywhere, even all over US there are many retailers and stores that will not accept or just do not trust this mode of payment, yet. By the time this technology reaches the third world, it will at the least be popular and well accepted in the US.
Electronic wallets not only promise to make lives easier, but better. No more running out of cash and looking for an ATM and a lesser cut on the bank deductions is what makes it such a glorious option to shop with. There is this one disadvantage that is very over powering if you ask us. If you measure mobile payments against hard cash, just a few crisp bills, here is the deal. You can use money anywhere, but not the mobile payments, you can’t use these everywhere. That leaves us with Money 10 and Mobile payments 0, you cannot expect a technology to outdo thousands of years of trust of the plain old physical currency, and it will take time and probably quite a lot of it too.
However the great convenience that mobile payments come with is one of the biggest pros of using mobile payments. NO matter how money is always at the win here, with mobile payments comes great ease of use… something that physical cash is a failure at providing.
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This article was written by Syed Irfan Ajmal. He is a serial entrepreneur, a columnist and a certified inbound marketer.