Beast creep
CNN Money reports today that credit cards are on the path to obsolescence, being replaced by the "electronic wallet" capabilities of smart phones.
The problem with payment methods that are too convenient is that spending money can become a passive activity, like scarfing snacks. I bought three MP3s this weekend with a mouse click. I didn't have to enter any information - I hardly thought about the fact that I just spent money. It was an effortless, almost mindless purchase. How is this going to bring about a return to responsible consumer spending?
This raises the value of my "stupid" phone, though, because it won't be a target for theft. Nobody wants a phone that only makes phone calls.
The inherent problem in this technology is that it's battery-powered. How soon will we hear of some Best Buy customer freaking out that he can't buy a new subwoofer because his iPhone is dead and he left his charger at home?
I think the next trend will be the microchip implant, probably in the hand, something that you can't lose, is extremely difficult to steal (eeww), and doesn't require electricity or a signature. What could be more convenient than that? (That's funny - everyone's account number starts with three sixes.)
That's when I switch to paper currency, if it's still available.
"... by the end of the year you may not even think twice about reaching for your phone to pay at the register instead of fumbling for your credit card."
The problem with payment methods that are too convenient is that spending money can become a passive activity, like scarfing snacks. I bought three MP3s this weekend with a mouse click. I didn't have to enter any information - I hardly thought about the fact that I just spent money. It was an effortless, almost mindless purchase. How is this going to bring about a return to responsible consumer spending?
This raises the value of my "stupid" phone, though, because it won't be a target for theft. Nobody wants a phone that only makes phone calls.
The inherent problem in this technology is that it's battery-powered. How soon will we hear of some Best Buy customer freaking out that he can't buy a new subwoofer because his iPhone is dead and he left his charger at home?
I think the next trend will be the microchip implant, probably in the hand, something that you can't lose, is extremely difficult to steal (eeww), and doesn't require electricity or a signature. What could be more convenient than that? (That's funny - everyone's account number starts with three sixes.)
That's when I switch to paper currency, if it's still available.
posted by StarBittrune | 9:10 AM
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