How you choose a method for payment is changing drastically over the last 5 to 10 years. Demand Draft was the secured and most preferred method of payment for quite few decades. And also Cheque Deposit - Bank transfer - Credit Cart - NEFT - has played a great role, and now just "Wave and pay" with your mobile.
Recently, i happened to read an article on how the next generation of people will use money transaction.
You know, online payment Stalwarts like Visa and biggies like At&T, T-Mobile,and Verizon announced a joint venture called “Isis”, which will use a technology called Near-field communication to allow consumers to pay at checkout by "waving their phone near a terminal".
What it does ? when you go to shopping, while paying, you just take your mobile or such device to a proximity less than 10 centimeters of the terminal and wave it. It will grab the data, and process it.
Really interesting, isn’t ?
And to make the point more louder, Google's chef Executive , Eric, E, Schmidt, has also demonstrated how phones with a new version of Google’s android system would do this.
Its been believed that, next generation of people will never know what will be a "Cheque", because this conventional system of paper instrument called Cheque might have dead by then.
Few doubts arise in our mind, on these new technologies.
Will it really bring a transformational change in the way people do payment ?
Will this make people to spend more securely ?
Will the Retail segment will see the major shift to this technology ?
Will there be a new generation of websites, which can be embedded with this technology ?
Will the Plastic money will be wiped out from the scene ?
What we call it ? "X" Money ?
Lets hope all these changes will bring good the MAN KIND.
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