When the credit card was first introduced to the UK back in the late 60s everyone was of the opinion it would never replace cash and a bit of a wasted idea! It never did replace cash, yet how wrong where they. When the mobile phone came on the scene people though it a little unnecessary and texting even more so! Yet in 2009 it has been recorded by textuall.org that 1.5 trillion texts where sent in 2009!
Now if we think about spending in the same way as we do about texting it is a fair possibility that by 2020 we could hit 1 trillion credit card mobile phone payments! In America MSN state that 1 in 7 Americans carry 10 credit cards. If you have all this information stored on your mobile phone leaving the house and remembering everything does not have to be so painful anymore!
It is predicted that Google are going to be a front runner in credit card mobiles technology. Google will likely team up with Mastercard or Visa to assist regular users with credit card mobile phones. Google having Android and Motorola below their belts leaves them in a very exciting position for this to develop rapidly over the coming 12 months or so. Of course the other mobile phone companies such as Apple , Samsung, Nokia and HTC will be busy developing credit card mobiles and forging partnerships with banks such as Barclays or credit card brands such as Visa.
How A Credit Card Mobile Phone Will Help us Daily.
Currently I don’t have all the answers and facts and the providers of these services will know what the end user wants and needs much more than you or me. However, expect to have a small change or loose change Application where you will either pre load money for small purchases such as the newspaper, mags, packet of crisps and so on. Or you will use the App similar to your Bank Switch or Maestro. How this will work is yet to be finalise but fees will need to be small to get user interaction. Paying a fee everytime you use your credit card phone is probably not the answer so perhaps you will pay a one of charge at the time of preloading.
For larger purcheses you will use the mobile phone in the same way as a current credit card, receive statements etc in similar ways and so on. Ofcouse as the mobile world develops you Credit card bill will be an app on your mobile handset.
Personally I feel if the credit card mobile phone is given the right thought from the start that it has the potential to wipe out the use of loose change and indeed the need to ever carry money! I am convinced once we become more familiar with this form of payments we will be sending money to our childrens mobile phones rather than dipping into our pockets!