Can a SmartPhone Replace Your Wallet

Mobile payment is the new trend when it comes to paying electronically. Credit cards, debit cards and cash have their primary significance in the payment system. However, payment through mobile phones is what most individuals as well as small businesses are aiming to achieve in the long run.

power of mobile payment

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Why Leave Cash?

A general question everyone would wonder. Cash is convenient. Cash is light. More importantly, cash has been there for as long as humans of the 21st century can remember. In this world of crime and hunger lurking in every corner and every street, even in the busiest of towns, security is perhaps the major issue. You are no longer safe wearing an expensive watch, let alone carrying a stack of bucks while going for shopping. Cash is no longer a safe option especially when alternatives are less prone to being mugged, lost or even wasted. Moreover, cash is paper after all, and paper is as durable as it gets. Seeing that technology has shifted our memories, documentaries, architectural prototypes to digital reserves, it is only a matter of time when digitization overcomes the money sector as well.

Are The Plastics Seeing Their End too?

While the cash is clearly approaching a lack in popularity when it comes to carrying it, debit cards have been known to grow more accepted. People who have not yet adopted the wireless methods of mobile payments continue to adjust their shopping and payment strategies to debit cards. Nonetheless, plastics have not made it to the top in more than half a decade. Also, card processing fees do not benefit their standing in the money zone any further. And since they have not yet reached their summit in the cash world, and the wireless scheme is already on the go, it seems reasonable to assume that plastics will be replaced quite conveniently by the mobile payment methods.

Question Still Remains

We still ask. Can the form of paper cash be overcome wholly by a stream of wireless payment services? At this point in time, given customers in the society from all sorts of backgrounds and situations, a shift to online bank accounting does not sound like a generalized solution. Owning a smart phone, having a bank account and then denying the flow of paper cash in the community does not sound like an easy bite to swallow for people from the low-income groups.

Where Does Mobile Payment Stand?

Given the above options, it seems as though mobile payment has a lot of capacity to settle its roots and stir in a digitized cash revolution. Nevertheless, there needs to be a stream of generalization for users from all sorts of age-groups as well as earning situations, so as to lead itself into the public. If a wholesale cotton thread merchant can spread word using applications like Whatsapp, this defines generalization. When utility with mobile payment is already there, it is only a matter of a convenient application and service that will bind the human race in the ultimate trail of digitized wireless payments.

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Author’s Bio: This article was written by Syed Irfan.  He is a serial entrepreneur, a columnist and a certified inbound marketer.  He curates content for Boloro

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