Are cell phones going to take over the world? Sometimes it seems like it. Our phones are far more than calling devices these days. They’ve become our computer, our entertainment, our social connection, and now, an alternative payment device!
Clark first saw people using their phones to pay for things a few years ago, in Japan. Now, American Express is so fired up about the idea, they’re investing heavily in order to bring it to our country. Credit card operators are trying to determine how to deliver and operate this new technology– one that may result in killing off the Visa/Mastercard cartel that currently controls the system.
Clark is preparing for the calls that are certain to come in from those who have had their phones stolen. This will be a concern, for sure. But all new technologies open doors for criminals to find new ways to defraud others; it comes with the territory. But the overall benefit, having this alternative payment form, is fantastic.
What about those who will backlash and say it’s just better to pay cash? Here’s Clark’s take. If you know that you’re the kind of person that tends to spend more and be less responsible when using a “virtual” method of payment (such as a debit card, credit card or phone) — he agrees. You should indeed limit yourself to cash transactions as much as you can. But if you are able to budget and control what you spend–the more choices we have, the better!