Will Mobile Phones Replace Credit Cards?

There is no doubt that technology is on the rise. With the latest and greatest gadgets doing more than in previous years, people are turning towards their tech to complete everyday tasks. This is not expected to slow down or stop, but rather progress until everything we do is done through one gadget or another. One of these tasks will eventually be completely electronic is the use of credit cards. With billions of dollars in credit purchases a year, shoppers will soon find making credit card purchases easier and more high tech. In the next few years, carrying credit cards will become obsolete and be replaced by electronic means. Here are a few expected methods of credit card purchasing for the future.

Digital Wallets:
Digital wallet services are becoming more abundant. With the ease of consolidating all of your credit card accounts, rewards cards, bank accounts and discount cards into one easy to use account, consumers can take advantage of the convenience of not carrying cards in their wallets. These services will allow you to use your wallet enabled phone to make purchases for everything from gas, to food, to everyday items that you use. Any reward points or discounts associated with those purchases will also be instantly added and you will be able to continue to save money without swiping a single card.

Bar Coded Purchases:
Smartphones are getting smarter and users are too. With the increased visibility of the large screens on phones today, you will soon see a growing trend in bar code scanning to pay for purchases. By loading an image of a barcode that is associated with your credit card and bank accounts, the cashier can scan the screen of your smartphone and your payment will be made instantly. This is a method that is currently used to take advantage of store or merchandise coupons, but also holds the possibilities of more.

Virtual Payments:
Online shopping is increasing in popularity. Black Friday sales are now followed by Cyber Monday, a day where online retailers offer their savings to those who prefer shopping via the internet or mobile browser. More retailers are allowing online ordering to their customers with site pickup and even same day delivery. In some areas even grocery stores will allow customers to place an order online and pick it up or have a clerk deliver the goods directly to your home. This is a good way to avoid impulse buying while shopping for the item you truly need.

Mobile technology is now allowing more than it has before. With many different apps to help us stay more productive, organized, and aware, the future of purchasing will be a finger tap away. As security increases and merchants look for faster and more convenient ways to receive payments, your mobile phone will soon become your gateway to everything you need or want.

Both large companies and small businesses are already turning towards smartphones and tablets as a convenient and mobile method of POS. As acceptance of these payment methods increases, more companies will begin to offer them. This is going to create the future of credit card purchases and the decrease in physical credit card use.

Writer Terri Miller gathers information from creditcardcompare.com.au and suggests her clients visit their website to get advice on the best credit card offers available. This article was written by a guest author. Would you like to write for us?