The amount of things you can do with your mobile phone is increasing by the minute and soon, the cell phone is going to revolutionize the way we pay for goods and services.
The mobile wallet is coming to your cell phone. Currently products like Google Wallet which enable this are already available to the public, and in the next year more and more smart phones will have the ability to allow consumers to pay for their goods with their phone.
Many people are skeptical about the new technology. Is it secure and safe? Is it really that much more convenient then paying with a credit card? Will it cost me more to use it?
The answers vary and some are debatable but there is no mistake about it that this is eventually going to catch on and hit the mainstream because the retail industry, cell phone carriers, and credit card companies want you to pay for goods and services with your phone. In fact, you should expect retail, credit card, and phone companies to start offering incentives for you to pay with your phone.
Why would retail companies want you to use your phone to make purchases? There are several reasons why retail companies would benefit but mainly its all about advertising.
Just think about it, what is the fastest most efficient way to reach someone? The smart phone allows instant communication to people. Today, an email advertisement is more personalized, cost effective, and can reach more consumers quicker then any billboard, print advertisement, or tv/ radio add.
Now think about how much information you have on your mobile phone, how many social applications like Facebook and Twitter. Companies will be able to leverage technology to collect information and market their products in a more efficient and cost effective manner then ever before. For instance, just imagine an application where you can pay for a product and then after checking out, you are prompted to post a picture of those new sneakers directly to Facebook. Boom, the company just reached hundreds of potential consumers just like you that might want to buy the product as well, instant advertising and it's FREE!
So what's in it for you as a consumer? Well for starters, imagine having access to all of your financial information, all the money you've spent, every purchase you've made all of the credit you have available, all bills you have to pay available via your smart phone. How convenient would that be? Have you ever forgot to pay a bill? I know I have! If all your bills go to your phone, you can get instant reminders when something is due. You can run instant reports on how much money you've spent and where you have spent it! You can even monitor every time a charge is made to your account instantaneously. All the time you currently spend paying bills, can be cut in half to almost nothing.
And how about your customer rewards. Have you ever lost out on a free sub at Subway because you lost your rewards card? Ever get sick of those tags on your key chain and reward cards taking up space in your wallet? What if they were all available electronically on your phone! What if you could keep track of all your rewards and know when you need to use them by? Think about how convenient that would be if you got a message or had one screen you could go to that had all of your outstanding rewards. These are some of the residual effects and perks that will be associated with paying for stuff with your phone.
The possibilities are endless and only time will tell where this goes, but this is the direction we are moving. I have created a blog on paying with your cell phone and mobile payment applications. I call it the pay with your phone portal and here you can get regular updates on the mobile payment revolution.
