Already, smartphones can pay for a Big Mac, Girl Scout cookies, and take a taxi. With the much anticipated launch of Google’s wallet, some models will also be able to spend the gift card and pay in many more locations. Google Wallet and MasterCard PayPass, two examples of mobile money, works by storing card data (from a credit card, prepaid card and cash, loyalty card) on your phone, then transmission of info for standing wave or checkout when you touch your device.
With the new and improved applications that make money mobile phones are more common, this is a good time to master the basics:
Press and pay systems. Google Wallet and MasterCard PayPass sends encrypted payment information You wirelessly from your phone or keychain gizmo reader. Some systems require physical contact between your phone and your readers, but a new generation of mobile phones hit the market in 2012 will turn the faucet to the wave. While this may not sound like a huge improvement over swiping a credit card, it may save you time and money daily deals, coupons, gift cards, loyalty programs and integrated. Meanwhile, the transport system in London, New York, and Singapore all evaluate PayPass in lieu of metrocards.
PayPal mobile payments. Suppose You were in a football game San Jose Earthquakes and suddenly want to hot dogs. You can order from your chair with an app called Yorder, completed using the PayPal mobile app, and waiting for delivery. The customer can pay the PizzaExpress in London by incorporating code from checking the restaurant they use PayPal on their application. Mobile banking applications also allow You to transfer funds; hope to see more as mobile payments that exploded in popularity. In 2010, PayPal customers spend $ 750 million mobile money. This year, the company expects that number to grow to four factors.
Credit card reader Option.Use your phone to accept credit cards on your next garage sales, thanks to applications like Intuit GoPayment. With that one, all you need is a credit card swiper, available free at www.gopayment.com, which attaches to your phone. Intuit take cutting 2.7 percent of each sale. One Scout troops in Ohio driven sales by 13 percent cookie last year when Scouting started using GoPayment.