Cash May Not Be King Any Longer

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How comfortable are you with the idea of never having to handle cash to make a purchase?iphone reader Instead, you would be able to use a digital wallet to give money to others or pay for items when shopping. I would rather carry a mobile phone to make a payment than a pocket full of change, no doubt. But I would be rather anxious about my security and protection as a consumer. Whatever the case is with you, the digitized future of money is almost here, so you should be informed about the cashless initiatives that major players like Google and MasterCard will actively roll out in 2012. After all, if you are reading our blog, you are a trend setter, aren’t you?

So below, I’ve laid out for your convenience a few key cashless initiatives that you should keep sight of in 2012:

Google Wallet

The Google Wallet Android app started being accepted as a payment option in October 2011, at a selection of retail chains across the US. The Google Wallet uses the NFC (Near Field Communication) technology that allows for simplified transactions, data exchange, and wireless connections between two devices in proximity to each other, usually by no more than a few centimeters. The app stores a virtual version of existing Citi MasterCard Cards with PayPass technology. Shoppers simply Tap & GoTM at the PayPass acceptance locations. Currently, Sprint is the only network that lets consumers tap and pay with the Google Wallet enabled phone (Nexus S. Verizon Wireless, the nation’s largest cellphone operator, withheld Google’s mobile-payment technology from devices sold by the carrier). It is yet to be seen how the war of the “wallets” will progress next year.

PayPal Mobile Payment

In September 2011, PayPal unveiled an in-store mobile payment system that doesn’t require NFC technology inside smartphones. The system allows shoppers to use smartphones and other mobile devices to scan product bar codes and to authorize payments through PayPal mobile accounts. Another option allows people to use standard credit-card scanning terminals, but instead of swiping a credit or debit card, the user will initiate a payment by inputting a phone number and PIN on the terminal’s keypad.

Square

Square is an electronic payments service which enables users to accept credit card payments by using a card-reading portable device connected to their iPhone, iPad or Android device. Square, which is working with Chase bank, cuts and mails a check to the seller just hours after a transaction is made and takes a 2.75 percent cut, said Square spokeswoman Katie Baynes. As of August, the company was processing $4 million in payments a day, and it estimates that by the end of the year it will have done a total of $2 billion. With that kind of volume, it has been able to work out a deal with credit card firms to charge merchants a flat fee for accepting MasterCard, Visa, American Express and Discover, Baynes said.

iZettle

iZettle is a device that enables consumers to accept credit card payments while on the go, and was made available in Sweden only in June of this year. iZettle is particularly convenient for small businesses, non-profits or simply individuals who want to sell something. The iZettle portable chip and pin reader plugs into iPhones or iPads and uses an app, meaning that card transactions can take place instantly. Bills can also be paid or money transferred using the device.

No wonder if you forget your cellphone home you feel lost and without identity. After all, you use your phone to stay in touch with friends and family, take business calls and read my blog post. And now you can also buy what you like with the touch of a few buttons… Good luck and keep your eyes open!

Republished with author's permission from original post.

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