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Mobile Payments: The Future is Coming

The technologies utilised by mobile phones have been steadily developing through the years, making these handheld devices more indispensable than ever.

With a variety of new functions being offered by Smartphone models, it seemed only natural that the next chosen advancement would be in the world of payment – but what developments have been made? And have mobile phones revolutionised payment methods forever?

At the start of this year it was announced that contactless payments had been released on mobile phone handsets, allowing customers to add credit to their mobile phones and then use them instead of credit/debit cards or cash.

The incentive was that such payments would be quicker and easier, not requiring the entry of a pin-code into a machine and in some ways resembling the oyster card system of payment. However, concerns were raised about security issues with regards to financial details and theft.

These concerns were to be expected as no new technology is ever flawless from the start, but will the system be able to overcome these and become the preferred method of payment?

While it is still in its infancy in the UK, with only one handset (The Samsung Tocco) supporting the technology, contactless payment has seen some increased success in other areas of the world.

Online Mobile Payments

Alongside these growing developments, phone users are becoming increasingly more reliant on using their mobile phones to conduct internet shopping and online bidding.

With exceptionally quick connection speeds and the ability to “browse” on the go, mobile phones are the perfect shopping accessory.

Online retailers are therefore receiving an increased level of activity from phone users, reflecting the growing trend for people that rely on their handheld communication devices to conduct almost all aspects of their daily life.

The new addition of contactless payment is therefore only likely to increase this dependency and intensify the stronghold mobile phones have on our lives.

Do you think that contactless payment will be the future of payment methods? Can you foresee any issues with contactless mobile phone payments?