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Originally Posted by ironcow13
(Post 21089641)
Paying with Paypal is probably the most convenient method of mobile payment right now. It's great for paying friends because there are no fees on personal transactions from a bank account and you only need their email address to pay them - no routing numbers or bank accounts which I don't like to give out. Payments from a card cost either you or the recipient (your choice) a percentage fee that I'd imagine is similar to a credit card fee charged to merchants on a traditional credit card (not a merchant so do not know how much this fee is). |
Originally Posted by cbn42
(Post 21090597)
Paypal is great but in my experience, hardly anyone uses it. Last month I organized something that around 20 people had to reimburse me for, and I told them to either use Paypal or mail me a check. Every single one mailed me a check, with some commenting "what's Paypal?"
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Not a chance.
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venmo is already replacing paypal (and even plastic in some crowds) for smaller, day-to-day transactions. while it is very improbable for plastic cards to go away by 2016, it is very possible that venmo/other NFC payment technologies to be the more popular method of payment by 2020.
However, i can't see an alternative currency/cryptocurrency (i.e. bitcoins) to become mainstream due to the amount of time it takes to verify transactions.. |
I have a friend with a small business who is using Square on an Android phone to process credit card transactions. A great thing for small businesses and probably an indication that phone technology is cutting two ways with respect to the use of physical cards.
There's probably a killer app to be devised that allows mobile phones to "talk" to each other to facilitate the exchange of funds. |
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