The problem here is not implementation and smartphone support, but adoption by merchants. There're still shops that do not accept regular credit cards out there, and this is a new type of technology that they must somehow accomodate. So, yeah, 2-5 years to iron out the kinks, but about 10 to make it a real mainstream thing. And god help us if there will be competing standards.
Speaking of competing standards. I have this Visa "blink" card from Chase. The supermarket where I shop, has terminals that accept "blink". Guess how often can I use my card there? The thing works maybe once in ten times I actually am trying to pass my card over the sensor. It's just easier to swipe it in the first place.
The convenience of mobile payments will make visiting cash-only countries like Austria and Netherlands (credit cards work, but only in some places so you always have to carry cash) even more awkward. Suddenly you have to think where to put that weird "paper money", or "plastic money" when you're used to only carrying your phone.
I wonder how people used to M-Pesa cope when outside of Kenya and the other countries where it works.
Comments
The problem here is not implementation and smartphone support, but adoption by merchants. There're still shops that do not accept regular credit cards out there, and this is a new type of technology that they must somehow accomodate. So, yeah, 2-5 years to iron out the kinks, but about 10 to make it a real mainstream thing. And god help us if there will be competing standards.
Speaking of competing standards. I have this Visa "blink" card from Chase. The supermarket where I shop, has terminals that accept "blink". Guess how often can I use my card there? The thing works maybe once in ten times I actually am trying to pass my card over the sensor. It's just easier to swipe it in the first place.
The convenience of mobile payments will make visiting cash-only countries like Austria and Netherlands (credit cards work, but only in some places so you always have to carry cash) even more awkward. Suddenly you have to think where to put that weird "paper money", or "plastic money" when you're used to only carrying your phone.
I wonder how people used to M-Pesa cope when outside of Kenya and the other countries where it works.
What about just charging from phone to phone? Without a need for a terminal, would it make merchant adoption easier?
I have a visa contactless credit card (Paywave), and it works well. It's a tap, not a wave. Saves me time.