Credit Card News: Technology

Selected cards: 0
Compare
Advertising Disclosure
Mobile Wallet Market Heats Up
11 Jun
The future is happening now, and it looks like a wallet with no plastic cards in it. Or at least, fewer cards.

Mobile wallets are finally out in force, with products from Google, Android, Apple, Wocket, Alipay, and others competing for a piece of the mobile game. Consumers with near field communications-equipped phones, like the iPhone 6 and the Android, are able to choose from an increasingly crowded field of contenders if they’d like to stop carrying cash and cards completely.

The Wocket Wallet, from NXT-ID, is a recent entrant to the mobile wallet technology game. Google Wallet has been around for a couple of years now, being one of the first to offer mobile wallets to the public. Apple Pay, though relatively recently introduced, is quickly becoming the leader in the field, probably due to the popularity of the iPhone. Android Pay, PayPal, and Samsung Pay are also introducing new upgrades all the time, as they attempt to edge each other out of competition.

Security concerns remain

One of the big factors keeping people from fully embracing mobile wallets is security. Nagging worries about identity theft and payment fraud are not without merit, though the major players in mobile wallet technology are certainly doing all they can to assuage consumers’ concerns.

Younger people, including Millennials and even Generation X-ers, are more willing to rely on new technology than older folks. Baby Boomers and their aged parents are the least likely demographics to pull out their smartphones when the bill comes. But as mobile wallets become more prevalent, people will likely become more comfortable with the idea of virtual payments.

Convenience of mobile wallets is alluring

One thing is certain: carrying cash and credit cards can be an inconvenience. At places like the beach, the swimming pool, the gym, and nightclubs, the idea of being able to carry just a smartphone and no wallet is a popular one. Surveys have shown that these are the places people would be most likely to use a mobile wallet, rather than a credit card or cash.

Of course, there are some places where only cash will do. Cash-only restaurants and smaller businesses will always exist, meaning cash will never become completely extinct. And not everyone has a smartphone—yet. For those holdouts, traditional payment methods will never go out of style, no matter how many mobile wallets come on the market.

Read Also Related News

  • 30 Mar

    If you’d like to donate more money to good causes, but you never seem to get around to setting up the donations, a new app will make it easier to be generous. The app, called Movements, lets users donate small amounts that come from...

  • 15 Mar

    Commuters who spend a lot of time in the car will be happy to hear that there’s a new way for them to fuel up fast and pay quickly and securely, without even getting out of the car. Gulf Oil is launching a new mobile payment app,...

  • 23 Dec

    There’s no question that technology has changed all our lives, but which innovations has made the biggest impact? And which ones are poised to make even bigger impact over the coming years? Robin Raskin, founder and president of...

looking for a Credit CARD:
Credit One Bank®: Credit One Bank® Platinum Credit Card with Rewards
Apply Online
Receive 1% cash back on eligible purchases, terms apply
Mid America Bank & Trust Company: Milestone® MasterCard® with Free Choice of Card Image
Apply Online
Applying is quick and easy with our fast decision process
Horizon Card Services: Horizon Gold Credit Card
Apply Online
Guaranteed $500 Unsecured Credit Limit
Credit One Bank®: Credit One Bank® Platinum Visa®
Apply Online
See if you Pre-Qualify without harming your credit score
Want to Read News From Other Categories?
Your Money
Card Issuers
Travel
Security
Shopping
Technology
  • 20 Jun

    Discover cardholders will be able to contact customer service more easily with the advent of in-app messaging, which allows customers to communicate with Discover customer service agents without having to stop and restart their interactions when they are logged into or...

Customer Questions

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • 0 Selected Cards Compare