Are we seeing the end of coins and paper as we know it? Will everybody be using their mobile device or tablet to pay for things in the very near future? Electronic Payments via our personal devices seems inevitable.
With the introduction of Apple Pay and similar systems of payment of late, the demise of cash money may be inevitable. The same can be said for credit cards, as they will probably become redundant sooner than cash. In the next few years, we might see people swiping their smartphones, tablets, smartwatch or even smartrings over a scanning device to pay for everything from groceries to holidays.
There are now more gadgets in the world than people and this includes a growing number that only communicate with other machines. The mobile phone has had more impact on the world’s population than any other device coming before it, going from zero to over seven billion in three decades.
Mastercard has recently unveiled a program that will turn every gadget or wearable device into a mobile payments device. The company acknowledges that the days of the credit cards are numbered and is taking steps towards adapting to the new realities.
The program’s advantage is twofold: more digital payments mean more time saved, and the transactions are way safer than credit card purchases. This happens because the payments get superior encryption from the new technology. MasterCard said that in early 2016, its devices will be functional. The American company will begin the deployment of the program in the United States, and increase its spread to global markets in due time.
It looks like the way you pay for things in the near future are going to change quite a bit.
Here is a short YouTube video to show you whats coming down the tracks – It makes for interesting watching.
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