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21 2011

A World Without Cash

Posted in Mobile Payments | 0 comments

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mobile phone paymentsEveryone is talking about a world in which you will no longer have a wallet…but a simple mobile phone. According to Kelton Research, 62% of the Americans who use mobile phones are open to the idea of using their mobile phones to make a purchase.
And no one shares this vision more than Jack Dorsey ,Twitter’s co-founder and the brains behind the Square card.
Square offers a new twist on the mobile payments equation. With its Register app, a merchant can complete your transaction with absolutely no plastic long as you the customer have downloaded Square’s mobile app.
Within its app is something called the CardCase. The reason you need to no longer worry about having a credit card (or cash for that matter) is because Square simply stores all your payment details within its app.
So when your transaction is processed, you will get a text-message confirmation. It’s as simple as that. The app can also store other information like store menus and even tracks receipts.
Square’s foray into mobile commerce began in 2009 when it introduced a piece of hardware that essentially turns a smartphone or an iPad into a credit card reader.
In essence, the Square solution gives big business advantages to local merchants. .
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