Yes, it is here and it has been here. They are called digital wallets and they are what some experts call “the future of mobile payment.” So here is how it works. Let’s say you have a favorite local coffee shop close to your house that you always go to. You go up to the counter and order your favorite coffee and your favorite bagel and get ready to checkout. Instead of using a traditional wallet you keep everything in your pocket and now use your phone (which is already in your hand likely) to pay and leave with the confidence of knowing it everything was taken care of securely. Is this black magic? Does it make it easier, really? Well, although I want to say yes, there are limits to everything, and like stated before, it is not for everyone.
First Off, you have to have a smartphone, second you have to download your favorite wallet application, and finally you have to add in all your personal financial information and hope you don’t ever loose your phone.
Once you have set up an account you are ready to start paying digitally. These wallets have lots of great benefits. For one, you could walk into any one of their partners and pay without even taking your phone out of your pocket. Example, Starbucks has partnered up with SquareUp, one of the leading mobile payment companies in the nation. So what could do now is walk into your favorite Starbucks, your picture would show up using geolocation and your ready to order. Once your order is placed, just let your cashier know your name they can then view your profile on their system … And that’s it!
This is such a convenient way of paying. The downside of course is trust. Are you ready to keep personal information like that digitally? For most, they are not ready … The question is, are you?