Just about every mobile tech giant and bank have the whole ‘Mobile Payments’ thing well in their sites. Apple certainly has the applications all working on bringing the best consumer experience, while Google’s Android seems to be voting on Near field communications. Paypal have the facility, ANZ’s GoMoney also can make payments out in the field and it would seem the application front seems to be increasing their vigour towards chasing down the ultimate replacement for a wallet.
It goes like this, you go into buy your next pair of jeans, and when you approach the counter, your phone becomes your payment mechanism. Much the same as a website is a digital wallet – your iPhone-Android-Windows device will be the mechanism for processing your payment. Simple, quick, painless and certainly high tech. So the question is – why are people not using it then? I can’t say I have observed a single mobile payment yet. I can’t imagine picking up something somewhere, whipping out the mobile and telling someone I am going to pay them via an app. At least not at the moment.
So what is the hold up? Infrastructure? There are no cashiers with the facility available yet in many places. Devices? Apple have not got the technology in the 4S yet (but we think it is coming in the 5 in about a week’s time.
I can admit that I have certainly been standing at the checkout and have moved money between accounts to pay for something. So maybe we are a step closer. Lets revisit this one in about a week and see what is around the corner. In the meantime, here is a great infographic that really does have a lot of great insight in what is around today.