I am posting here thoughts from Karthikeyan Arumugathandavan, a really smart, nice guy whose name seems as long as his knowledge is wide:
“…1 ) Visa Advances Toward a Digital Wallet
“Visa has also been testing a system that lets users pay for items with an application that uses “near-field communication” technology on a mobile device to process a payment ”
… 2 ) Digi Wallet update
The deal for Google to buy Motorola Mobility introduces a viable launchpad for the tech giant’s Google Wallet project.
Now that Google Wallet has officially rolled out, is it time to ditch your real wallet?
Probably not for a few years, experts who follow the mobile payments segment say. Their reasoning is fairly straightforward. What we’re seeing with Google, Isis and PayPal is an early land grab for a technology that won’t be adopted for possibly five years.
See how Google Wallet gets support from NJ Transit, seven new retailers.
…. 3 ) American Express Plans to Invest $100 Million in Digital Commerce Startups
The company will focus its investments on numerous aspects of digital commerce, including loyalty and rewards, mobile and online payment management, fee-based services, security and fraud detection and data analysis………………………………..
American Express launched Serve in March this year, and few months later entered into partnership with Verizon Wireless to integrate its digital wallet service into Verizon mobile phones and tablets enabling Verizon’s customers to make payments and redeem offers for products directly from their mobile phones and tablets using Serve.”
It is fascinating that while much of the world seems to be in one big financial mess, from way too much credit obtained way too easily, there is a continuing development of new ways of getting you to buy stuff.
Some of the research into how people feel when making transactions and how that affects what they do would suggest that the old system of having a cheque and putting your signature on it had some pretty good ‘value’ features. Having money come out of your ‘wallet’ when it can be not even out of your pocket (just watch those Barclaycard Ads) seems a long way down the road towards abandoning all responsibility for the consequences of your actions.
I can see theft from shops going down when all you have to do is pick an item up and you have bought it, and transaction costs would be minimal and no checkout queues, but would that not lead to more and more acquisition of stuff we don’t really want and certainly don’t need?
As a counter to this one bank is offering money management software, with its advert showing a bird in a gilded cage, suggesting the spending on the ‘pet’ might be a bit of a problem, so maybe digital money will be linked to emotion sensing/creating devices, so as you purchase nice or nasty noises could be coming your way, or smells, sweet scents or horrible pongs, depending on the impact on your bottom line?
If you think debt is not a problem, then maybe you should watch this video.