Thursday, September 2, 2010

The Future of Mobile Technology

It's pretty clear that one thing Americans and the rest of the world are embracing more and more as their babies are their cell phones. People talk of lost or destroyed phones as if a dear friend had suddenly died. And perhaps that's understandable. People use their phones these days to watch movies, listen to music, surf the web, play with endless apps, etc.

However, one activity more and more people are participating in is mobile payments of transactions. Freeing themselves of the need to carry anything more than a smartphone, many have started embracing the fact that soon, credit cards in plastic form will be a thing of the past. PayPal's fastest growing business is the mobile payments revenue.

So how does this affect you and I? Well think 10 years out...no longer will you need to worry about stolen credit cards, calling the bank to cancel them, waiting a week or so to get a new card issued. Your credit cards will be nothing more than data on your secure, and I mean bio-metrically secure or strong password secure, phone, which you use to purchase gas to groceries, and everything in-between. Soon, your phone will contain your medical history, your Passport info, your driver's license, your Social Security Card, your Insurance Card, registration, and yes, all your credit cards.

This may seem like a terribly invasive breech of privacy to some, however, I believe that most Americans will embrace this new technology to come as they have nothing to hide and enjoy the benefits of greater mobile abilities.

When one thinks about the cellphone in depth it has become a way for all people to communicate on a higher level everyday than was possible the day before. This means that even the poorer people that can only afford pre-paid plans can now use email, internet, and of course texting, and talking as well.

Nielson already predicts than by Q3 2011 the smartphones will be 73% of the market and by smartphones I mean phones that have the iPhone, Android, or perhaps Microsoft and Blackberry operating system.

My take is that you do use mobile payment technology once it exists in a stable form. It requires no risk of credit card loss, fraud, and doesn't provide the user with nearly the ability to select and easy payment form and immediately receive and email receipt; who want to carry around paper stubs in this day and age anyway. Electronic receipts are just as good as paper in court and they don't dirty up your car.

So to bring this great mobile blog editorial to and end I'd say embrace the new technology, it makes life a hell of a lot easier. Unless, of course, you're a Mob Boss, or funneling drug money.

Cheers!

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