Mobile payment is paying with your phone for a product or service. Now, there is no doubt that the mobile payments are redefining commerce. What will happen after another 5 years? Will our phones finally replace our wallets? At least, the payments giant, PayPal seems to think so. It predicts that the wallet will be dead by 2015. Therefore, it acquired mobile payments provider Zong. In addition, Google launched Google Wallet and Visa also made a strategic investment in Square, the mobile payments platform.
We believe that with the rapid expansion of free wireless internet services and mobile payments, consumers will be offered standardized mobile payment platform and application, and also with much better security system. Majority of retailers will provide the platform for mobile payment everywhere. Then when you buy things, you really no need to bring cash and credit card, just let the staff scan your mobile.
We also believed that one day, maybe mobile payment is not only limited to retailers, other industries will also adapt to mobile payments which means current model mostly focus on B2C business model, but it will cover B2B and C2C business model in the future. Because it’s really convenient and fast, why not person to person payment can utilize this technology?
But one thing we also could not ignore is that this kind of high-technology trend will lead to less and less human interaction, we don’t know what will happen? But which needs us to pay more considerations.
Now let us imagine what will be the trend after 10 years? Due to more and more investments in mobile industry which maybe lead to more functions of smartphone, such as replacing keys, replacing ID by digital ID, replacing tickets? But just like cash and credit card, maybe one day the smart phone will also be sifted out. At that time, can we pay by using biomarkers such as fingerprint, eyes scan, voice demand? Let’s see.