Tapping Into Mobile Payments

When was the last time you went to the grocery store or gas station and paid in cash? Can you remember when you went to the bank or ATM to make a cash withdrawal? If you are like me, then you use your debit or credit card, or some sort of mobile payment system for all your purchases.

It seems that as younger generation gets older, the use of cash is getting lower. As more convenient and more efficient methods of payment come about, the use of cash is becoming useless. Is it possible that cash is dying out?

Some of the most popular mobile payment systems are Apple Pay, Samsung Pay, and PayPal. The reason apps like these are becoming increasing popular is because of their convenience and security. In terms of convenience, the apps remove the need to carry card or cash, almost eliminating the purpose for a wallet. With regards to security, the apps encrypt each transaction and uses a dual authentication system to allow each payment to be made and received. Overall, mobile payments are argument more convenient and more secure than traditional card payments.

Tapping Into Mobile Payments | The Brief at Go Commando

Photo Courtesy of Google Pay

When it comes to my own spending, I use card, PayPal, Venmo, and Google Wallets. I can’t remember the last time I used cash, but when I do receive it, I always deposit it into my bank account. I stopped using cash because of how annoying change can get and how much longer it takes to make each payment, so I switched to card. Now that the chip cards have become mainstream and I am forced to have one, I began looking for alternate ways to speed up each payment. With the PayPal app, I can have the cashier at most major restaurants or stores, scan my phone and pay that way. Venmo and Google Wallets come into use when I need to pay back my friends, roommates, and family, or vice versa. We each have both apps so the transaction is simple and convenient.

Tapping Into Mobile Payments | The Brief at Go Commando

Photo Courtesy of GSM Arena

Earlier this week I ran into a hometown friend of mine, Valerie, who attends university. I asked her if she would be willing to answer a few question about how she makes payments and if mobile payment apps are a popular use of hers.

My first question was, what apps do you use most to pay and why?

“I use my debit card most because I get charged to take cash out at the ATM.”

Have you thought about using mobile payment systems like Apple or Samsung Pay?

“No, they just don’t seem very secure. I don’t like that kind of personal information on my phone”

When you have to pay people back or receive payment from your friends, family, etc., what do you use?

“I pay with checks because I don’t have payment apps and I don’t want to get charged at an ATM”

It was interesting to hear someone from a similar background who had different payment methods. However, she does use card more than cash.

While cash may be the current method of payment, the continuous output of other payment methods are increasing. Younger generations, like myself, are typically shifting to card and mobile payment systems.

 

What changes do you think will occur in the future with regards to mobile paying, and are you a mobile payment user?

 

*Names and locations have been changed for privacy purposes.

Hayden Nickell

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