Mobile Money
Pew Internet Research recently asked a variety of pundits how they saw the future in terms of consumers paying for purchases via mobile devices such as smartphones.
They cite comScore reporting that 38% of smartphone users have used their cell phone to make a purchase of some kind. And a US Federal Reserve study reporting that 21% of mobile phone owners had used mobile banking services in the past year.
65% of Pew’s ‘expert’ respondents agreed with this statement:
By 2020, most people will have embraced and fully adopted the use of smart-device swiping for purchases they make, nearly eliminating the need for cash or credit cards. People will come to trust and rely on personal hardware and software for handling monetary transactions over the Internet and in stores. Cash and credit cards will have mostly disappeared from many of the transactions that occur in advanced countries .
Anticipating — or looking to stimulate — such a trend, Google, PayPal, and a consortium including all major US phone and credit card companies are each developing mobile wallet systems.
Actually, Google Wallet has launched, and allows users to store payment information in the cloud and pay for goods at participating retailers by tapping their phone at the point of purchase.
Wouldn’t you like your nonprofit to be on their ‘participating retailers’ list?!
And think about all those donors already using mobiles to make text contribution, and those reading your fundraising messages on their mobiles.
Where do you see this headed? Do you agree with the prediction pundits favor?
Tom
P.S. See The Agitator’s Mobile Shopping for Charities post for more Pew analysis of ‘mobile shopping’, and our Text Giving A No-Brainer for Pew’s look at mobile giving (via text). Finally, look again at our Good Update on Mobile Giving, which reports on Mark Phillips (Bluefrog) excellent review of mobile giving in the UK.
One response to “Mobile Money”
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