Cashless NFC mobile payment maybe the future

Cashless NFC mobile payment maybe the future

Smartphones to turn cash wallets in future with cashless NFC mobile payment technology and banking solutions. Commercial services to go mobile for customer convenience.

NFC Mobile Payment Solution
The world is headed toward a cashless society, you may have heard about it already. Will you live long enough to see it happen in your lifetime? Read ahead to see how the cash may disappear quicker than you expected it really would. A true mobility and financial revolution ahead.

Mobile Cashless Payment
Its been anciently proven business method of lending money and gold which one may have in excess. It not always a pioneering act, but always a profitable act to charge interest against loaning away money or gold. This very same system led to the birth of Banking and Finance System. With actual money coming into play, there was a necessity to hold up something against which large sums can be traded for. Then was the birth of fiat money i.e. greenbacks They were government and institution bonds which could be traded for valuable things such as gold. The fiat paper / bond may have stayed as a priceless possession till very recently when they could not be relied upon for fluid money. The time of fiat money has come and gone and now it seems that even the time of credit cards and its allied business activities may just come to an end The ubiquitous cell phone and the NFC chip may put the final nail in the coffin of paper money and credit cards.

NFC Technology
The Samsung Nexus S smartphone has one of those NFC chips. So does the Nokia C7, a smartphone released last year. It is rumored that the iPhone 5 will also have a NFC chip. NFC stands for Near Field Communication and in reality is just another technology similar to bluetooth. It has very limited range for security. It is similar to the RFID chip that is used in stores and other commercial service sectors. Countries such as Israel, China and others are cranking up their factories to start commercial production of RFID tags. It is not unreasonable to believe that each person on the planet could soon have their own number and personal ID tag.

Near Field Communication
The most mobile of all gadgets i.e. cell phone has been selected as the preferred tool to use NFC technology for commercial purposes. Cell phones already are considered the most used, relied upon gadgets in the world. Forty percent of people in Africa have a cell phone. A high percentage of people in the world have active cell phone network subscription. Total cell phone subscribers at the world at the end of the year 2010 were approximately 5.2 billion people. Statistically speaking, there are approximately 6.9 billion people on the Earth, which means that almost 75 percent of all people living on this planet have an active cell phone connection. It will not be long before that number rises up to 100 percent. That is a large customer base and a great way to herald in the era of cashless commercial societies using NFC chip technology for all transactions.

Cashless Future Payment
For those who consider historical trivia as interesting, the following are the landmarks associated with mobile payment system. The first mobile transaction occurred in Espoo Finland, back in 1998. Two Coca Cola machines were set up to accept a mobile payment using text messaging. It worked by sending a text to a special phone number that represented the Coke machines. Coins were not used in this mobile payment demo. When the machines received their instructions over the airwaves that a transaction had taken place, the Coke can was dispensed. The payment showed up on the phone bill of the person who sent the SMS and got the drink. On a side note, Espoo Finland is home to Nokia, the company that manufactures Nokia C7 smartphone with the NFC chip technology. Nokia has promised to manufacture smartphones with NFC chips this year to boost the mobile payment revolution in future. You just might live enough to see your paper money fly away for good, but not be lost.

Mobile Money
Considering an example of mobile payment, nearly half the population of Kenya uses mobile banking. They can not only deposit money in their bank accounts from home, but can also send it to others using M-Pesa. Since they do not have many cars, they usually walk or ride a bike. They now have come to realization of benefits of mobile banking, some cannot even imagine sending another person i.e. a money messenger to a village twenty miles away without M-Pesa. They are addicted to M-Pesa s mobile payment solutions, and why should not they be, as they can send money at their convenience from their home. At DarkWap we are very excited to look forward into future and see mobile payment and mobile banking solutions to shape up a cashless society.

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NFC mobile payment technology to replace paper in future. Mobile banking and transactions to occur on cell phone with NFC based solutions.

Poster: Rudy
I completely agree with your post here, Francis. Mobile ecrmmeoce for banking will be that palette that could complete the value chain of the banking sectors. Long queues for the present day generation is something that is unacceptable by the tech savvy generation and thus this technology is worth everything for the banking industries as 20% of their transactions are bound to happen via smartphones!
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