Mobile Wallet Becoming Trendy to Pay
(Video) Imagine going out and leaving your cash, your credit cards, and your id’s at home and just bringing your phone instead.
That’s the idea behind “mobile wallet” and some say it is about to become the trendiest way to pay.
FOX 35 visited the CNP Expo– a convention for the electronic and mobile commerce industry—in Orlando to find out how it works.
“Mobile wallets as they start to roll out are going to be safer, more secure ways that people can pay with their mobile phone that are going to replace their current credit cards,” said Shaunt Sarkissian, CEO of Cortex, a company that hopes to build the infrastructure to bring mobile wallet technology to everyone who owns a mobile phone and all the places they shop.
“Clearly in some geographic regions like America and eupro there are more phones than there are people,” said Steven Casco, CEO of cardnotpresent.com, the company that put on the expo.
The Pew Center for Research reports 97 percent of adults have cell phones.
The research firm Gartner projects mobile payments will top $617 billion dollars by the year 2016.
“Most consumers don’t see the need just yet because of the ease and convenience of plastic and cash, but thre’s nothing stopping that from happening because the trajectory clearly is there,” Casco said.
After last year’s credit card breach at Target and other stores some see mobile wallet as a solution to security issues.
“I think we need to start to move to mobile device not only to make it convenient but to make it safe for people to pay as well,” Casco said.