Forget the Credit Card: Use your Phone!
We all knew it was coming: credit cards may be quickly becoming outdated. Instead, those smart phones that seem to be with us nearly every waking moment of our day may very well turn into our source for credit card purchases.
Called MobilePay, this new technology will allow consumers to pay for items by credit card without having the actual card with them. MobilePay, in fact, will be an iPhone application that will automatically authenticate with various vendors to transfer payments directly to a user’s credit card.
Testing it Out
Although MobilePay is not available just yet, it has shown promise in closed beta tests and was recently announced at the TechCrunch Disrupt in San Francisco.
Vendors from all over the world will be able to partner with MobilePay, thereby allowing them to make purchases through their iPhone application. What’s more: users will not have to install any new hardware to technology to use MobilePay.
How to Use it
To begin using MobilePay, consumers will simply link their credit card or bank cards with their MobilePay accounts and then activate and use the app anywhere the technology is offered. The user simply enters the amount of money they owe the vendor into their phone (and a tip or cash back, if desired) and then sends the information.
Safety Considerations
The platform for MobilePay will be preloaded; therefore, it will be able to send an authentication signal to the particular vendor so that they can authorize the payment.
MobilePay will also be able to offer rewards to customers who use the service regularly, thereby giving them an incentive to use this technology. For example, it may be able to offer consumers cash back rewards or discounts for future purchases.
MobilePay is the brainchild of a California-based company called MobilePay USA. The company was launched in May of this year and has since operated in stealth mode.
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