Sunday, 29 November 2015

2016, The rise of Cardless cash

Payment services introduced by Apple Pay and Android Pay have spurred people into paying for items using digital wallet technology.  Microsoft also has been planning to join the foray of the wallet concept with its re-launch of Windows Wallet in Windows 10 to bring Windows phones up to par with Apple Pay formally known as Passbook.

Tap and Go credit cards have now been around for a number of years and the success of such contactless technology has lead the mobile industry to develop subscriber identification module (SIM) cards housing chips similar to those used in credit and debit cards, giving mobile phones  the ability make payments over contactless terminals.  Mobile phones with mobile wallet apps now have the ability to make cash payments over contactless terminals without the need for bank cards or credit cards and Semble, a mobile payment service is gaining traction particularly in New Zealand where 2degress, Spark and Vodafone with banking partners ASB and BNZ along with Paymark’s payment network are offering integrated mobile wallets to New Zealanders. 

Card-less cash technology such as mobile wallets will reduce the number of cards currently required to be carried around in a physical wallet with the tie in of loyalty programs such as FlyBuys and those offered by major airlines with mobile wallets.  Visa payWave’s contactless payment technology  may have paved the way for more things than just contactless payment in 2016, as 2016 maybe the year card-less cash and loyalty programs.