Tapping into tremendous buying power
I am a huge fan of new technology that empowers it’s users.
NFC (Near Field Communication) is a wireless technology being added to all new smartphones for phone to phone file transfer and Tap to Pay mobile payments (Variants not using mobile phones such as PayPass have been around since 2003). With the addition of NFC to smartphones over the past several years, the market for Tap to Pay has become clear: anyone who carries a smartphone.
There is nothing more amazing then being able to use it to fill up your gas tank before cancelling a lost bank card, and it’s saved me from being stranded more then once since I started using it. I’ve used it to buy groceries(Wegmans), medicine(CVS), and McDonald‘s (I forget my debit card at home more then I’d like to admit).
Currently, the ability to pay for things with your phone not only increases the security of the transactions (Google Wallet creates a virtual Mastercard for each purchase and Covers 100% of any fraudulent transactions), but by adding the ability to track, ring to find, and remote wipe my phone it ensures the obsolescence of my normal bank card within the next few years.
Convenience and security aren’t the biggest reasons I’m bringing up NFC payments however.
There’s a battle for the future of payment services underway that most consumers aren’t aware of, and everyone’s getting involved.
I’m usually not a HUGE fan of Apple products, but the addition NFC and Apple Pay in the latest iPhones will be great for all consumers. Hopefully the attempts (Disabling Google Wallet in phones and Tap and Pay in stores) from cellular carriers (Verizon and AT&T’s ISIS/Softcard) and chain stores (Walmart, Kmart, 7-Eleven, and Best Buy’s CurrentC) won’t hurt over all adoption more then it has already, especially with the extra pressure of almost all new Android and Apple devices being able to use Tap and Pay (and more major players such as Paypal entering the market).
Not only what you consume but what you use to purchase and consume it WITH will dictate the future of commerce, what protections we get as consumers, and which companies get to play the biggest roles in our lives for this coming decade.
Explore your payment options and be aware of the trade offs and benefits you get from each of them. Just because an app comes pre-loaded on your device doesn’t mean it’s the best one for you.