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Mobile Payment - Then And Now

Humans have always strived for the next best thing. Because of this, we have seen more technological growth in the last one hundred years than in the preceding thousand. We have seen things like the implementation of computers in the classroom and the ubiquity of computers in general.

The biggest and fastest shift we have seen in the last two decades is the movement toward cellphones and mobile devices, and the integration of mobile apps that power our lives. The first cellphones were clunky, expensive, and not very useful. Now, we can hold a device in our hands that has more computing power than what was available in the entire world in, say, 1940. We do everything on our phones, nowadays. We use our phones for music, movies, cameras, calendars, shopping, and now our wallets, too.

Ohio University recently published this infographic for their online MBA programs.

Key Points

  • Some of the first implementations of mobile payment, include Coca-Cola, which in 1997 introduced vending machines that allowed you to pay by text message, and Dominos, which began accepting mobile payments in 2001.
  • There are three modern forms of mobile payment technology, which consist of Near Field Communication that involves placing the customers phone near an NFC reader, quick response (QR) codes, in which the user scans a specialized barcode, and wireless beacons that communicate with the user’s device using Wi-Fi.
  • The four biggest companies in mobile payment (Apple, PayPal, Google, and MCX) and which mobile technologies they use, e.g.: NFC and QR codes.
  • The future of mobile payment in numbers, including a projected 154% growth of the industry by 2019.

Is rapid growth in technology pushing us toward a cashless society? If mobile payment were more widely used by retailers, would you prefer it over more traditional modes?

Is the rapid growth of technology pushing us toward a cashless society? If mobile payment were more widely used by retailers, would you prefer it over more traditional modes? Your thoughts and comments below please...

SOURCES
Ohio University
University of Alabama at Birmingham
Out of Our Minds: Learning to be Creative

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