During the autumn, Starbucks will be joining forces with Square Inc. to handle all debit and credit card transactions made on mobile devices. The worldwide coffee brand is in direct competition with McDonalds, who are using PayPal to coordinate and utilize mobile payments, testing the service in France.
Using the applications to pre-pay will allow the user to join separate queues and make the process faster and more efficient, which for anyone who waits for a rush hour pick-me-up will find useful.
PayPal, owned by Ebay Inc. has signed a deal in the United States with more than fifteen retailers, who will also be accepting mobile payments.
A similar product, launched by mobile phone service provider O2 is the ‘O2 Wallet’. Users are able to send and receive money from customers, friends and family. Although faced a lot of criticism from users who needed both parties to have the application and described the set up process as lengthy and complicated.
The backing of these multinational companies is the exposure that, whichever provider sees the most success, will force the technology into a public domain.
As more stores and companies inevitably accept mobile payment, the need will be to have a unified application that will allow payment for all products, instead of having to open a separate window for each shop.
Are you looking forward to using mobile payment or do you prefer cash and coins? How will these technological advancements change the way we shop? Let us know via our LinkedIn group, on Twitter @puregenie or in the comments below.
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