“In the past few thousand years, the way we pay has changed just three times—from coins, to paper money, to plastic cards. Now we’re on the brink of the next big shift”.
Well, it’s true. Mobile payment will be the forth big shift. What are the advantages and disadvantages of this payment system?:
Let’s start with the positive side of the story:
- In my wallet, I have around 20 plastic cards, credit cards, loyalty cards, transport card, student card, phone cards, etc… Every card in my wallet can be shifted to google wallet or any other mobile payment system. That’s a lot of time saved searching between all of them to find the right one I am looking for…
- If someone forgets his wallet and his phone at home, he can still go to the restaurant/shop he’s heading. There, he can borrow a mobile, log in to his google account and pay the bill and even get the loyalty points too.
- Mobile-to-Mobile: Many times I have been into situations, where I have to pay someone for a service and I can’t because I am out of cash money, he doesn’t accept credit cards and there is no nearby ATM machine. Mobile-to-Mobile payment fits the bill here.
- Will all businesses integrate the NFC payments? How much time will this take?
- What if you went out of battery? Or out of network coverage? Or Lost your phone? You will not be just phone-less, but money-less too!
- What if your google account is stolen? Ok, the thief can’t use it for payment, because he needs the 4 PIN code too and you too…