As convenient as credit cards are, developers are trying to make our lives even simpler by focusing on a new frontier: mobile payments.
Worldwide mobile payments have been increasing by approximately 40 percent per year and are on track to total $235 billion in 2013.
Developers in the past toyed with the idea of storing credit card data in a secure chip on a smartphone, but the new wave of payment technology stores data on the Internet, where it can be accessed via mobile application. For an example, just take a look at Starbucks, which allows customers to load the Starbucks app with a credit or debit card and then pay with a smartphone in-store.
Similarly, OpenTable is testing an idea that would allow users to pay a check and leave a tip with their phone at restaurants without calling for the bill. Apple and Google are both also working to turn your mobile phone into a wallet. Chris Gardner, co-founder of Paydiant, predicts that in three to five years, shoppers will be able to conduct half of their transactions through their phones.
Find out more about the future of mobile payments here.
Here’s what else we’ve been reading at TrialPay this week:
• Has the Rise of Games-as-a-Service Killed the Successful Indie?: An opinion piece on how the mobile app ecosystem has changed in the last several years, and what this means for the future.
• Is HTML5 Your Best Bet for Monetization?: Important points to consider in the debate between HTML5 and native apps.
• Appia Explains the Mobile Ecosystem: Appia delves into the mobile ecosystem to explain not only the landscape, but the opportunities and obstacles confronting developers.