Soon we will have the ability to make quick purchase transactions using our mobile phones. Is that a good thing?
On one hand it will make the process of checking out faster and easier. Solving that checkout process was the impetus of the devices, like credit coins and credit plates, that eventually lead to the plastic card we carry around in our wallets now.
In 2005 there was a push to allow us to wave our plastic cards at terminals for easy check out but it doesn’t seem that payment technology every really rolled out or worked as it should have. (To read more about the early days, click here.)
There were times when I could wave my card at the gas pump and dispense fuel but then there was this one time when I waived the card at the pump, I filled the car, and drove off. A very nice police officer came to my house later saying the transaction never was authorized. Oops.
As time rolled on it seemed like store policies got in the way of fast payment solutions by waving your card. It got to the point where I just gave up waving the card because clerks would ask me for additional ID and that robbed me of any time savings from the contact less payment.
Reducing the time to checkout has long been recognized as a way to increase purchase amounts for merchants. The less time it takes to pay the more people buy.
With smartphone technology here soon, will it lead to you spending more? Will it lead to more debt problems? Or will it simply be a welcome solution to ease the pain at the checkout?
What do you think? Comment below.Will Using Your Smatphone or Google Wallet to Pay Leave More in Debt? by Steve Rhode