We know that the possibilities of our smart phones are virtually endless. One of the functions that we will see more and more are mobile payment services. Digital wallets are potentially everywhere. But would we, society as a whole, be willing to give up physical money completely?
Google Wallet, Paypal, ISIS (a consortium of telecom operators) and many more are experimenting with new modes of mobile contactless payment. There are developing all sorts of apps, trying new technology, working with banks and stores and run trials on the consumer market. Developments are very exciting. Mobile phones are at the center of payments, retail, advertising and social networks. And they create a rich source of consumer data. A true goldmine for most companies! So, it is not a surprise that so many players envy a stake in this market.
Mobile payment is buzzing in the air and there are wonderful opportunities. It fits perfectly with the new entrepeneurship of the 'gig economy', where all sorts of people start to share and sell home made products and services. But like always, there are also many hurdles. Technology is one thing that needs further investment. More intriguing is the fact that it brings payment into the hands of companies other than banks. The regulatory organizations have to develop new arrangements to ensure security adequately. It gives services providers an extremely rich source of data of people. In addition to everything you can learn from people by their activities online, their spending habits offline, income situation could also become transparent to these service providers. Who owns all that data?
However when the main security issues are solved, consumers will probably appreciate the convenience of mobile wallets. That is a big promise, and may explain for the proliferation of mobile wallet initiatives. And with many players on the market, consumers may have a lot options to choose their prefered service provider. But will they jump onboard that easily? And will all the merchants be convinced of the investment, when other electronic payment systems are operational in almost every store. It is not just a new technology and an interesting app that we are talking about. It is a systemic change, where customers, merchants, banks, regulators and many more have a say.
Meanwhile, traditional money won’t get lost. Hard coins are considered proven technology that has been around for ages. It is effective in all the unofficial economies that are also here to stay. That is, paying the babysitter, cleaning lady and handyman. Real money doesn’t leave digital traces. Sometimes that has a very profound function too.
Image: Mobile payment teminal, in Norway
Photo credits H Lundgard
Read more from us at Futurista blog
Essays and comments posted in World Future Society and THE FUTURIST magazine blog portion of this site are the intellectual property of the authors, who retain full responsibility for and rights to their content. For permission to publish, distribute copies, use excerpts, etc., please contact the author. The opinions expressed are those of the author. The World Future Society takes no stand on what the future will or should be like.
Free Email Newsletter
To sign up for Futurist Update, our free monthly email newsletter, enter your email in the box below and click Save.
When we look into space we are actually looking back in time. This is because we are looking at old light traveling towards us at 186,000 miles/second. We already know that if someone is watching us through a large telescope on the Moon, they’re seeing events that happened 1.3 seconds earlier because that’s how long it takes light to reach Earth. Using this as a very crude proof, we already know that information does indeed transcend the here and now, but can we ever access it and reassemble it into a useful form?
The outbreak of Ebola in West Africa has implications for world health that cannot be ignored. The disease has killed more than 660 and infected almost 1,100 in four countries since March of this year and new cases are cropping up every day.
The images that Curiosity is sending back from Gale Crateris showing soil profiles similar to the ancient soil found in the dry valleys of Antarctica and in the alto-Plano of the Atacama Desert in Northern Chile. The soil images and data indicate chemical weathering and accumulations of clay just as one would find them here on Earth. Phosphorus depletion, associated with microbial activity here on Earth, is evident from the information Curiosity has gathered.
Nikolai Kardashev, a Soviet astrophysicist born in 1932, devised a method of rating advanced civilizations. Technological advances, according to Kardashev, could theoretically create conditions where a society could maximize use of energy. He categorized each of these stages as Type 1 through Type 4. Based on Kardashev's speculations where does our civilization sit today?
Powdery mildew-resistant wheat has been created using a pair of DNA-clipping and insertion tools. These are tools developed by Editas Medicine for editing defective DNA and are being used in the fight against a number of genetic diseases. And with wheat they are proving to be useful in overcoming the devastating impact of mildew.
This is not the first time I have written about the future of the Colorado River Basin and it probably won't be the last. But by then I may be describing the Colorado wadi, a former river.
In tomorrow’s digital world control shifts to you. Your digital boundaries will dynamically change the CGI green screen world on your devices’ screens. When you can choose who and where you really want to be, we will learn there are many kinds of greatness in all of us. It will be new stage of history, an age when we control reality and start choosing everything.
When my wife and I downsized we left our satellite dish and satellite TV behind and went back to cable because that's what was available in the building where we have our apartment. We are not alone in abandoning this technology. Homes that were early adopters of satellite TV can have enormous dishes sitting in backyards or rigged on to poles projected above the roof line of their homes.