The Smartphone is killing the bank card

So the days of physical cash are numbered, this we know. But its only recent replacement might already be on the back bench. I am starting to get the same feeling about this new way of payment as I am about how the storage drive/USB killed the blue ray.

What I am talking about is the new mobile payment method. You might be thinking that I am talking about the transfer of money from one account to another by use of mobile banking app. However, this is not what I am talking about. According to ING and Rabobank of the Netherlands, this new method of paying with your mobile in store is dramatically on the rise. To show you exactly what I mean, have a look at the image below.

mobile-payment-03

This new technology allows you to use your mobile device like a bank card with integrated payment chip. This can finally solve the problem of bulky wallets. Banks want to push this new tech as a means of centralizing all your banking tasks. You will now be able to do everything that needs to be done with regards to your banking, via you mobile phone.

 

Pretty neat!

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