RP121 Paying on the Go

RP121 Paying on the Go

Don't get too attached to your wallet. One day it will belong in a museum, along with everything in it. That's because credit cards and cash are being replaced by mobile payments made on smartphones.

Mobile payments are changing the way we shop, and they' re doing it quickly. There are now over 4.8 billion smartphone owners in the world. In the United States, 39% of smartphone users made at least one mobile payment in 2015. That's up from just 14% in 2014.

But what are mobile payments? Well, there are a few different types. First, they are everyday payments you can make on your smartphone. These would include opening up an Internet browser and buying a new pair of shoes. There are also “point-of-sale” payments and mobile wallet apps. These are for when you' re at Starbucks or McDonald's and want to pay with your smartphone. Various other apps can help you manage your money with your smartphone. Banking apps, for example, let you easily send money to friends and relatives, and are very popular.

Mobile payments are a potential game-changer. For example, just imagine if every store in the world used the same point-of-sale system. You could safely use your smartphone to buy things from anywhere on the planet. Vacation shopping would never be the same.

But let's not forget the one big disadvantage of this brave new world of mobile payments. It would make losing your phone even more of a nightmare!