"To facilitate transactions even further, Visa has launched PayWave, while MasterCard has launched MasterPass. The common thread between the two is that both are mobile payment systems that use Near Field Communication (NFC) equipped in the latest smartphones. The management of Visa stated that by 2020, half of its transactions would be carried out by mobile payment solutions. Considering the fact that smartphones equipped with NFC technology have already begun rolling out, it appears to be a realistic goal.
Besides that, PayWave and MasterPass would also challenge eBay’s PayPal (NASDAQ: EBAY). Consumers would no longer have to re-fill their PayPal wallets to make online transactions, as a PayWave and MasterPass would be directly linked to millions of bank accounts. Furthermore, PayPal’s dominance in domestic and international funds transfer could also be challenged as both PayWave and MasterPass can transfer funds throughout the world."
Smart phones are a fad
I myself don't use one and I have very many reasons fpr not doing so
Mobile payments make it so a record can be kept of what and where you bought something
First off they put a GPS location on every picture or video you make
They also keep every text and phone call ever made or received
Your location is know at all times and a record is kept of your movements
I have a regular cell phone and I try to keep it off as much as possible.
I can see people moving away from these devices but it might be too late
RFID chips will imbedded into drivers license and readers will be located at every major intersection in America
You can run but you won't be able to drive. . .
Just in the same, using a credit or debit card records location. time and date of purchase. Only way to avoid that is to use cash, but even then, there are video cameras everywhere these days..
Personally, I love my smartphone. I have a rooted Samsung Galaxy phone and keep the GPS disabled but even a regular cellphone bounces off towers and location data is collected. That cellular data can only be acquired with a court order and you have to be involved in some serious illegal business like RICO or Patriot Act stuff.