Mobile paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More developers and enthusiasts like to tell people that we will soon enter an age where physical wallets will be a thing of the past. Yet, that day seems to be becoming a mirage.
Cofounder of Lookout, John Hering, brings to our attention how vulnerable we have become with the growing amount of interconnected devices and states that in today’s world there are either people that have been hacked or those that don’t know they have.
For example, mobile payments target the very young – early teens and young adults. However, in order to setup a mobile wallet, one needs to have a card; but to have a card, you need a job and therefore cashMoney in physical form such as banknotes and coins. More. So why have a mobile wallet?
A mobile wallet is not as complete as our physical wallets: you can’t carry a driver’s license, a rewards card, insurance card, and so forth. People’s behavior – and attachment – to physical cards won’t changeThis is the action by which certain banknotes and/or coins are exchanged for the same amount in banknotes/coins of a different face value, or unit value. See Exchange. More overnight unless the new disruptive technology offers worthwhile improvements to our daily lives. It sure sounds like our traditional wallets will still be on the list of attractive birthday gifts.
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