Smartphone Doubling as Wallet?

Article reviewed: Smartphone doubling as your wallet

In a world today where everyone’s wants and needs are constantly evolving, technological manufacturing companies are striving relentlessly to adjust to the society’s need. The trend for Smartphone prior is to create apps that would appeal to the large demographics, now the race is on to transform them into wallet.

Today if you were in Japan and own one of these Smartphone devices, you can just practically “flash your phone” everywhere for almost all purchases. In the same way as credit/debit card where your amount of spending money will automatically be recorded in the expense report, it is a Smartphone with all functions in one, such as debit card, receipt tracker, and loyalty program.

The response it got in America is excitingly overwhelming. Currently, mobile companies are further developing a location-based ‘concierge’ that can notify shoppers with gift cards whenever they are near any one of those shops and inform them of the discounts they have.  Imagine having this Smartphone, it could save you tremendous time from counting cash and hassles from asking the salesperson about discounts. Besides making shopping experience a whole lot easier, the new innovation also considers the fact that American consumers love to buy now and pay later.

Improvement in technology progresses so rapidly today that we may find it hard to accept a new idea immediately. It would be hard to imagine not having cash in our pockets and can still, with a cell phone, automatically make purchases.  The convenience it offers is awesome, however with every benefit an innovation brings, there are also its negative sides.  While the Smartphone could help stimulate the economy by encouraging more consumer spending, people will be more likely to get into a debt as a result. Without physical cash, they have a muffled idea of how much money they have and the amount they can spend without going broke.   As one reader commented, “We need to simulate the economy, but we definitely not need people having more debts than they have now.” The key point is to know how to control one’s spending. Whether to adopt it or not depends one’s personal choice.

While the wallet Smartphone still hasn’t gotten much acceptance and actual adoption in America yet, it does causes us to question if technology is evolving too quickly and even if some new, fabulously cool electronic products are practical and fitting to our real needs.

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2 Responses to Smartphone Doubling as Wallet?

  1. I completely agree that our technology is overcoming the basic system that society has once had. I feel as if this could potentially be a bad thing, but I think the positive will be greater than the negative. Nothing will ever be the same as the original products. The fact is, technology is going to continue to increase, and we can’t stop that. I think people just need to accept this and begin to appreciate the new products.

  2. biomandio says:

    I would also think that this new device would have an impact on the underground world as well. Thieves will no longer target your cash or credit but will go to your phone. I’m just wondering what social implications if any this would bring, like would we have to cancel are phone simply because we lost it to avoid theft?

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