When my phone becomes my wallet

That’s pretty cool idea! With increased use of smartphones it become evident that people want to pay with their smartphones and get rid of their wallet.

The technology is ready, and it’s called NFC (Near field communications) which is a radio communication between two devices. You need a smartphone an apps, and of course you need a place where you can pay. Just swing your phone by the cash register, and bingo you paid..

Of course, there are problems with all three of them. Smartphones are not as smart yet, only 1/3 of the latest devices sold are NFC enabled. So if you don’t have one of them you have to exchange it. On the cash register side has its problems as well…such as investment of this new technology and security installation. And we – customers – are having some complex dilemma as well. What’s if I loose my smartphone? Would it mean hackers have an access to my bank account? And what about the money itself?

While older generation have struggle with recognizing virtual money on their bank account, youngest have already learnt it. Speed can be advantage on the other hand – ‘Time is money!’  So better not waist it! What about currency? Can I buy this way global or just in local transactions?

So the theory is great but it takes long time to become daily base used. In the US Starbucks allows customers to pay with their smartphones, and in Germany they are ready to launch a new services called ‘Mobil Wallet’. Meanwhile in Hungary -- just a couple miles away from the capital city, Budapest the only way I can pay is with cash.

Hmm..so I guess money will be stay on my wallet for a bit longer.