How new technology is making our smart phones even smarter and while making us more dependent on them

Increasing the capability of our already very intuitive cell phones has become an increasingly expected move towards the future. Adding cameras with high pixel resolution screens the size of mini television and phones that can even remotely start our vehicles have become a staple to everyday life. Allowing our phones to handle much of our daily needs has been both a positive and a negative. The majority of people are receptive this new technology and are willing to buy into the mobile payment systems. The question may be are merchants ready to hand over their credit cards processing system to a mobile phone. rnAs a recent study done by Javelin Strategy & Research Institute had some interesting finding when it comes to asking people if they are ready for the possible shift to mobile wallets. Here is a portion of what the study found:  About 33 percent of iPhone users said they were "likely" or "very likely" to use mobile payments. Most study participants also reported that their primary interest in mobile wallets was having access to price comparisons while shopping.  Approximately 50 percent of those surveyed had reservations about the security of mobile wallets.  Mobile technology is especially popular overseas. In Japan, mobile contactless payments typically replace cash transactions and range between an average value of $4 and $6.rnFrom this study we can begin to conclude that the fear of security seems to be a major factor amongst participants surveyed. As it is with any new technology or service there is a potential for a down side, as we as a society shift everything towards a digital and electronic system there will be some inherent hesitation with a part of the population. rnTelephones which act like wallets create a valid concern for many, if you ever lost a wallet you most certainly can agree. Just as easily as we keep all our info in a wallet or purse we can store all that same information on one device such as a smart phone. From a customer’s point of view the move would prove to be a beneficial one, making the credit card process quicker and easier than ever before. rnFrom a merchants perspective setting up a mobile payments system can be costly. After the initial start up costs studies have shown that mobile payment cost the merchant on average almost half as much as processing credit cards. The future is here and merchants should take advantage of customer’s willingness and desire to go mobile. Knowing where to get started can be difficult; to see if a mobile payment would work for your business visit one card merchant that can possibly make it happen.