12
Jul


Our Thinking

Mobile Financial Transactions

With the emergence of new online payment alternatives such as PayPal and Google’s recently announced Google Wallet, coupled with mobile internet now reaching 50% penetration amongst online Australians, paying for goods with your smartphone is on the way. And it might be here quicker than you think. There are numerous well known and emerging contenders currently trialing platforms that enable mobile financial transactions via voice, tap, bump, swipe or the scan of a QR or bar code.

While virtual money isn’t news, mobile transactions and NFC (near field communications) are heralding the first significant shift we’ve seen in payment systems for over half a century. Historically, we’ve loved virtual money from the moment we first encountered credit cards back in the 1950’s – being able to spend on anything and everything, now. The absence of any tangible currency made the process of spending all so easy and all so painless. And merchants loved it too, as it also opened the door to endless sales.

With more than 4 billion mobile phone users and only 1.6 billion bank accounts worldwide, the opportunity to turn the smartphone into a virtual wallet is undergoing a rapid evolution faster than you can say Visa. But as the technology matures, you can be sure of one thing: whether it be Nokia Money, Card Case, Facecash or Fusion’s recently built queue-busting app for NoQ, there’s potential once again for vendors to create new streams of revenue from a world now in love with their mobiles.

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