owen at owengreaves dot com

Posts Tagged ‘Banking’

The Future of Business – Visa & Mastercard Will Not Be Cards

Somethings just seem more and more obvious, I ask this question all the time, can you imagine a day when we will no longer use money? I mean coins & paper money. It’s coming and much sooner than you think, it’s all because of Chip Technology or whatever name you decide to give it. We….all of us, are being traced by our cell phones, by our Debt Cards, or Credit Cards, whether we like it or not, so why do we even need them?

The truth is, the smart phone is all we will ever need until technology and humans merge. Visa & MasterCard have already started changing they’re model to be accessed by smart phones for all purchases or payment methods. Smart phones will be the wireless Visa & MasterCard debit machine, it already is in some parts of the world. Imagine not carrying 15 plastic cards around in your wallet, no debt cards, no credit cards, no nothing cards! But also imagine if it became law that you had to have a smart phone in order to live, buy food, buy clothes, then what?

Some day we will merge with technology, but until then, we will still have to deal with these clunky systems to pay for our purchases, not too mention making deposits to our bank accounts. This shift is expected to begin in 2011, yep, it’s coming and coming fast….what’s interesting though, my bank hasn’t even released their debt card with a chip in it yet….that’s how fast this is happening, they may not have too!

Just think, Visa & MasterCard will no longer be plastic cards, they will be an application in your smart phone. That to me is progress I would like to see.

What do you think?