“The mobile phone will eventually take over your wallet, replacing your credit cards, cash and coupons. But it could be some time before this new type of transaction becomes an everyday reality.”
Google will soon begin to allow customers to make mobile payments with an Android phone is just one of a string of similar things consumers will hear about over the next year. Others are expected from Apple, Microsoft and Nokia. There are also the big banks, who are heavily invested in this service. For example, MasterCard offers PayPass, a service that allows people to tap a small device against an electronic reader at checkout; this technology is expected to be integrated into mobile phones soon too.
Pros:
- Convenience with fast transactions
- Printed receipts will not be misplaced or lost
Cons:
- Lack of phones with the right built-in payment technology and the small number of merchants with the right tools to perform these transactions will clearly slow mobile payment growth.
- “Google Wallet Is Not About Mobile Payments” that it would take some time before the right payment products become available and are adopted by the public.
- Stolen devices will result in privacy issues
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