Jack Dorsey runs the company known as Square, and he also happens to be the co-founder of Twitter. He is hoping to take the world by storm again with a new phone application that eliminates the need for credit cards! Users on IPad, IPhone and Android can utilize the app by simply selecting whichever store they are in at the moment.
Purchases are a breeze as long as the store in question has a corresponding app installed. The cashier has only to select the customer’s name and the total purchase price is automatically charged to the customer’s credit card on file. In Apple and Google app stores, this application is currently free of charge.
The idea evolved from a product that had been developed by the same company some two years ago, which permitted cell phone users to connect a credit card scanner to the jacks on their headphones. Credit card companies have seen this idea for mobile wallets coming for some time now. In fact, this coming fall, Visa is slated to release its own mobile wallet platform. Later this week, mega giant, search engine Google, is expected to reveal its plans for developing its own line of mobile wallets.
Although no one can say for sure who is going to win the mobile wallet war, it does seem that plastic credit cards are well on their way to that place where one can find hula hoops and bell-bottom pants.
Will these mobile wallets help to reduce the incidence of fraud and identity theft? Thieves always seem to find devious ways to get around new systems. Mobile wallets do seem to make purchases quicker, safer and easier, which could be a blessing during the holiday season. Not needing to carry a card can make it is more difficult to steal credit information.
Perhaps only time will tell, but in the meantime, has anyone seen my mobile wallet?