About ten years ago when there was no such thing as an iPad or Apple Pay, there was NFC (near field communication). This allowed anything to be charged to your credit card from your NFC enabled device. 10 years ago this was showcased as a keychain-not a digital keychain, but an actual key chain you put a metal loop through. Lincoln Financial stadium had NFC enabled cashiers 10 years ago and in the winter you could quickly get your food without rummaging for your wallet. You simply waved your little key chain and you were back to the game. Why was this so successful? Because food prices were high at stadiums and consumers were willing to pay more without remorse if they didn’t have to pull out their cash.

Fast forward to 2014 where we have Apple Pay, Google wallet and numerous micro payment options like Square. It is no surprise that Apple has made it more mainstream than ever with the introduction of their first NFC enabled device. We can’t forget, though, Android users had this for several years now. As people get more comfortable with mobile payments and forget security risks, this could be the payment of the future- just not in our immediate future.

As more devices trickle in and updated software expands for NFC payments we start to see trends. For example the Moto 360, a fairly popular smart watch, now boasts the ability to one-stop-shop on Amazon via voice commands and a flick of the finger. It makes online shopping for specific items a breeze but definitely not for those just browsing online-the device is barely two inches wide.

The future of mobile payments comes down to the new adopters and their experiences. What to watch out for is overspending.

Lets break it down like this; you’re enjoying the nice day on the quad with friends when you decide to get Starbucks spontaneously (- $5). While getting your caffeine fix your friends decide to make a quick trip to staples for supplies. You bring you smart device and pick up a few things spending $20 on supplies (-$25). You go out for lunch and once again you have used your smart device (-$45). This can create a horrible financial situation for spontaneous spending. My point is that most of this can be avoided with budgeting. However, most of those people who adopt this technology have yet to master this financial skill. Mainly speaking of the younger generation more eager to test the waters of the technology. Which underlines my main concern of overspending and how easily it can catch up to you. 소액결제현금화

You can easily charge anything to your credit or debit card, so why does a “smart” device make it any easier? The realty is that it this technology is only meaningful when you’re in a situation when you don’t have a wallet and the store you are at just happens to accept NFC payments. That’s why I do not believe it will become mainstream anytime soon. For those that use NFC payment I applaud you. Not every merchant accepts NFC payment so regardless it’s a gamble when it comes down to select payment type. Unless you have some sort of financial guidance or are very financially disciplined, NFC seems to be more of a hassle and hope, than useful and efficient

Maintaining appropriate levels of debt becomes more difficult when spending and forgetting. Checking statements becomes a necessity. Just as there are overcharges or fraudulent charges on a credit card, you will probably see them through this high-tech payment.

Actually we’ve already have seen it happen. About 1300 Bank of America customers were charged twice for all their initial Apple Pay payments when first launched. They have since fixed and addressed the issue. With new technology comes a new obstacle. Only time will tell if Apple has spurred momentum in NFC payments.

 

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