Mastercard conducted a survey in April to see if people would be comfortable with starting to use their cellphones to pay for items at stores, restaurants, etc. They and mobile phone makers, wireless carriers and other financial companies are all starting to ramp up their “mobile payments technology of near-field communications (NFC).” Mastercard already has PayPass and Visa has PayWave, but this will enable cell to cell money transfers as well as with NFC-enabled registers and terminals.
Not surprising, young people under 34 are more comfortable doing this than people older than that. But I see this as a reality for everyone in the future. We already bank on our phones, we shop on our phones (I know a few people with a Groupon app addiction), and now our phones will replace some items in our wallets.
I tend to think of this as no different as having to keep track of a wallet and credit cards. If someone loses their wallet easily, identity theft could occur when someone snags their phone because they left in on the table at Starbucks.
I keep predicting that someday they’ll do away with either phone numbers or social security numbers and when we’re born we’ll be assigned an ID number that is used for both…
Anyway, thank you Lance Whitney for doing a write up on this. He also touched on some other findings from the survey, which can be found by clicking here. Thanks CNET for posting it. And thanks Smartbrief for aggregating it into your weekly Mobile Marketing Association newsletter for me. If you don’t get Smartbriefs, now’s the time, by clicking here.