Monday, May 11, 2009

Mobile Payment

All that has happened in the smartphone market in the last couple of years, there has yet to be anything new as far as mobile payment goes.

For the rest of 2009 and probably 2010, we'll continue to see more changes in the mobile hardware segment and some changes in mobile access due to competitive pressure.

However, my dream of living my wallet at home will have to way a little longer I'm afraid.  One of the biggest news in the last week was Paypal's entry into the Android app market.  However, when we look back on this, it'll be a small blip, hardly noticeable, in the grand scheme of mobile trade.

Yes, mobile trade.  Not simply mobile payment.  I think the mobile market should evolve sufficiently enough where even trading systems from equities, bonds, and physical goods can be exchanged mobilely.  That's still a way off but it's on the way.

For now, I'm satisfied with logging into my bank accounts on my mobile devices to pay my utilities.  Even that was not possible from most banks a year ago.

Note:  In science fiction movies, literatures, and even games now, "credits" of various denominations are used instead of currencies.  We're generations off still.  Old habits die hard and even if the Chinese are trying to supplement the US dollar as the global reserve currently, no one has yet to come up with a credible substitute.  When that day comes, mobile payment and trade will explode onto the scene.

Another Note:  Coupons.  Not everyone accepts coupons displayed on scenes of smartphones.  A few months ago, I received Souplantation coupon on my iPhone.  I printed out a copy but I decided to test and see if the cashier would be willing to accept the digital copy.  No go.  I'll probably go again when I get another coupon.  I'll try it with a different cashier and see if he or she will accept a digital imprint.

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