Mobile Payments Death of Cash and the Credit Card

Using your mobile phone to pay for goods instead of using your credit card could be a thing of the very near future. Representatives of the mobile phone and financial industries met this week in London to discuss the many benefits that this development could offer.

It was argued that mobile phone micro payments would be an “excellent method of payment that solve different problems in each area where they are being used” and “like the Philippines, have adapted mobile payments to meet their need for small top-up increments for pre-paid users and in some countries mobile payments are being used to authenticate payment so that merchants do not have to travel with cash, protecting them from the danger of robbery and fraud."