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Mobile payments are the future, but how long will it take for us to get there?

We are all understandably protective of our money right? We conceal our cash when we are forced to open our wallets, keep our pin numbers to ourselves, and certainly do not just hand our credit cards off to just anyway. So, along those lines, I am curious how we as a society feel about mobile payments.

Now, because I try to keep this blog open and understandable to all, I will not talk about the encryption of mobile payment nor the process of virtual card numbers and the like. I am curious as to the perception of the average person. Personally, I am all for mobile payment, and I love the convenience of simply pulling out my phone and then being on my way. I never have to worry about pulling out my card, trying to figure out whether to slide it or insert it, typing in my number, putting my pin number in, pulling it back out and in my wallet, and putting my wallet away; when I am waiting in line, I often already have my phone out anyway.

There is so much potential in mobile payment. Along with my credit and debit cards, I also have gift cards and loyalty cards in Google Pay; coming soon, I will even be able to store boarding passes which is excellent for my upcoming honeymoon (yes I know Apple Pay has had this capability for awhile). So with all of this potential, why are we not further along in adoption?

Quite honestly, I think there are probably a few reasons for this. First of all, my experience stems from the fact I live in small-town rural America which is mainly still trying to adapt to technological advances of the 90s. Secondly, there is this large fear of giving financial information to companies that tend to seem untrustworthy with that information. Finally, there is a financial burden placed on companies when technology needs widespread upgrades to existing structure so that newer technology works.

All organizational hurdles aside, there is just not the adoption of mobile payment on a wide-scale yet; people are hesitant to utilize their phones for another aspect of their lives. As the technology progresses and more and more people get comfortable with newer concepts, mobile payment may completely eliminate the use of card payments at store, restaurants, et cetera. However, until then mobile payment may remain just an appeal for a small market. However, if you ever start using something as simple as Walmart Pay after grocery shipping, you will understand why digital payment is about as convenient as it gets.

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