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July 8, 2015

More money is going mobile

Written By Jessica Lail

The changes in technology over the last 20 years has adapted the way we perform different tasks and recent technology developments has meant that even more money is going mobile. The traditional way was to use cash, this changed to credit/debit cards, which has then gone on to be made even easier with contactless cards. We’re now finding that the corporate giants are finding different ways for us to make payments with the use of our devices.

Current payment methods:

The very popular payment solution Paypal dates back to 1998. The worldwide online payment system allows us to make online money transactions rather than using the traditional ways, such as writing a cheque. The system works as an acquirer by working alongside auction sites, online sellers and commercial users whereby it charges a fee for each transaction.

Earlier this month (July 1st), Barclaycard released its wearable technology line “bPay”. The technology comes in 3 different types: a wristband (£24.99), a fob (£19.99) or a payment sticker (£14.99) which allows you to discreetly make any object into a contactless card. Allowing you to make transactions up to £20 it means that there is no need for you to play around with cash, different cards or PIN numbers.

Apple are soon to release their new app, Apple Pay. Rumoured to be released on July 14th, the app allows you to make payments in participating stores. It is also possible to make purchases using your Apple Watch with use of the same technology. Apple Pay also allows you to make payments within different retail apps on your iPhone/iPad by just holding down the Touch ID whilst in the checkout. A big question is about how secure this payment method is; but rest assured, if you find you lose your phone you can easily deactivate Apple Pay by logging into ‘Find my iPhone’ and suspending the app.

What’s next?

It has been noted that Apple have filed a patent for a new idea which could potentially kill off current mobile payments apps, such as PayPal. Apple is also looking into a feature that allows person-to-person transactions, this will consist of a digital “wallet” app where you can choose which credit/debit card you would like to use and then the payment is confirmed from your fingerprint or iPhone passcode.

On top of this, Mastercard is testing the idea of a smartphone app that uses facial recognition to verify online purchases. Living in a selfie culture, the app will ask you to hold up your phone like you’re taking a picture in order to approve transactions. Added security factors include the app asking you to blink to ensure that you’re human and not just using a photograph.

What does this mean for the future?

Technology is being used in more and more innovative and positive ways which consequently means we’re living in a more safe and secure environment. These different methods also mean we don’t need to carry around as many accessories, such as a purse or wallet. You just need yourself and your dedicated device to securely undertake transactions and more.