BACANA MAGAZINE hotel occidental punta cana
BACANA MAGAZINE hotel occidental punta cana
BACANA MAGAZINE hotel occidental punta cana
BACANA MAGAZINE hotel occidental punta cana
Mobile payments: The new commitment to technology

Mobile payments: The new commitment to technology

For millions of people the wallet is becoming something antiquate. Many countries, such as Denmark, are getting prepared to remove transactions in cash from some kind of stores. ¿Why? Easy. Most of the mobiles in the market have the technology to be used as a tool for payment just by bringing the phone to the Point-of-Sale Terminal. Mastercard and Visa said that cellphones could be an interconnected smart terminal of the future like the POS “PosNet” or “LaPos” are right now. Actually, POS has acquired vanguardism characteristics at the Mobile World Congress in Barcelona when there was the suggestion that jewels could be used as smart terminals too, as it has been proved by the FF Group (Folli Follie).

Let´s get it step by step. The Near Field Communication NFC has enable smartphones to establish communication with electronic devices by bringing them to the POS or ATM to get out your money or realize payments. A revolution that has no turning back and sooner or later it will allow us to get out of our homes without the wallet and we would have to get us used to this reality.

In 2017, the mobile market generated 3.6 trillion dollars and it is expected that by 2022 it will have a 5% growth, reaching 4.6 trillion dollars, according to the GSMA Mobile Economy study. What’s the problem? Levels of trust. Many users are worry about the risks associated with using contactless payments or when paying for things through their smartphone. Nevertheless, there is no doubt that our mobile systems offer a rich consumer experience to retail where cards are useless. This gadget is developed by the “Contactless technology” which is a method payment that uses a NFC ship to pay by just bringing it to the smart POS. We are in front of two different but complementary technologies: smart cards and radio frequency identification.

In the future, banks will conditionate the receiving of payments by international agreements clauses on developments in transactions 3.0. Right now, there exist two operative systems running in the market that are owned by the two main developers of mobile technologies in the world: Apple and Google. 

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TEXT: Alana Fernandez; IMAGES: Archivos

Tags: Technology

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