
You might have heard some buzz circulating about today's
announcement that Twitter founder Jack Dorsey has just launched a new mobile payment system,
Square. It's exciting to see this topic finally beginning to get some conversation, especially since mobile money transfer and payment has already gained some ground in developing countries. Click Here's own Jill Krumsick posted yesterday about this very topic. Here's an excerpt about what's already happening in the US, from her blog post, "
Put it on my Mobile Tab."
"The developed world isn’t going to see a economic transformation in
the same way emerging markets might, but major players are taking note
and moving forward. Established and start-up companies are testing the
waters in mobile money transfer (ie. PayPal Mobile), but the future is looking toward point-of-purchase transactions with the mobile device. This idea, coined contactless payment, entails scanable hardware embedded in/on the device.At the Cartes Exposition in Paris two weeks ago, Visa
showcased it’s contactless system with Nokia that will be introduced in
the next year. This system allows items under a certain price
threshold go through immediately and for items over, the user will be
prompted to enter a PIN number for added security. Another similar
system, Mastercard’s PayPass mobile program partnered with Blackberry, is currently pilot testing in Canada. And American start-up Bling Nation
is working on a smaller scale to create local networks of banks and
participating retailers with mobile device transaction capabilities."
Read Jill's complete blog post here.
This is definitely a trend to keep an eye on, and something that will likely show up in every list of predictions for 2010... including mine!