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04/08/2011 -
There's been plenty of talk about the evolution of mobile technology and its impact on the payments sector. Chiefly, experts have predicted that mobile phones will come to replace wallets, as privately stored financial data will be used to process and approve transactions.However, the term "mobile payment" refers interchangeably to two separate actions. On one hand there is the action of literally paying for a good or service entirely through a mobile device, and on the other is contactless payment options.
The latter is the more sensational of the two and refers to the development of technologies that enable users to "swipe" their phones at payment terminals to process a credit or debit transaction. Understandably, it is this technology that has experts eyeing smartphones as the wallet of the future.
Of course, the adoption rate has been relatively slow, especially in the U.S. While most leaders agree the transition is inevitable, recent discussions have turned toward how the process can be expedited.
"Somewhat similar issues were raised when plastic cards and online payments were introduced," points out Imrul Kayes Chowdhury for the Daily Star. "So if matters such as security and consumer trust is ensured [mobile payments] will be the easiest way of transaction."
