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19 2011

Are We Going Cash-Free?

Posted in Mobile Payments | 0 comments

Google Wallet

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It is clear that we are headed towards a cash-free economy, probably faster than we can imagine.  A cash-free economy is one that handles all its monetary transactions electronically rather than with physical money.
A cash-free economy will allow us to access our money at anytime and anywhere with little or no internet connectivity.
Here are some cash-free tools. Some are familiar to us, some less so:
1.    The ATM card.  With an ATM Card, cardholders can perform payment transactions at Automated Teller Machines (ATM), Point-of-Sale terminals, Web merchant sites and via mobile phones. Recently the Magnetic strips cards have been replaced with the chip/PIN platform which allows them to be less easy to duplicate and increases the storage space available. ATM Machines can now support a whole host of transactions from cash withdrawal to even paying bills.
2.    Mobile Banking Apps.  Many financial transactions via mobile platforms are now easier because of new dedicated applications which are designed to meet the growing demand for the electronic transaction.  GTBank mobile apps is a financial application that links an account via the ATM number and then validates it via the mobile number on the phone.  You can literally sit in your living room and transfer money to any account, pay utility bills, report a lost or stolen card, check your account balance or verify the status of specific transactions.
3.    Google Wallet.  The Google wallet Apps is another innovation in mobile billing.  This will allow you to pay by ‘swiping’ your phone at the point of purchase.
4.    With Wikipay, you can literally send (and receive) money for free via your phone. Wikipay gives everyone the ultimate freedom and is probably one of the simplest ways to enter into the cash-free economy.
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