No More Paying in Cash for your Subway Sandwich, Just Use Your Smartphone
Payments being made through the usage of cellular devices (smartphones) are becoming prevalent in our daily lives. Who would really want to carry around their phone in one pocket and a heavy wallet with all their credit cards, receipts, and cash in the other? MasterCard Inc has just recently announced that Subway restaurants will be equipped with this “contactless” payment feature, easing out the conventional use of cash, credit and debit cards.
Google has already begun the implementation of this technology with one of their exclusive smartphones, the Nexus S 4G. The Googl
e Wallet is an app on the phone which allows the registration of a credit card thereby allowing the app to have access into money. Once that is complete, a mere swipe of the smartphone near a ‘reader’ will enable the mobile payment to be made.
Although you also have to take into consideration the possibility of losing your phone. How prone will the security system be in the hands of a hacker? Despite the conspicuous convenience, accessibility and resourcefulness of this technology, one also has to realize the costs for the payment terminals.