There have been many new or alternative methods of payment launched by big name companies. But are they really going to make it easier for average Joe to pay for their morning coffee?
Whether it be using your mobile or contactless cards to move money around it seems that the major players in the payments industry are intent upon introducing new ‘exciting’ and ‘easy’ ways for us to hand over our cash to and conduct our banking.
However I remain not fully convinced that they will make life any easier or money and data any more secure.
I would hate to be mistaken for a bore or a technophobe; I love a good gadget or inventive piece of technology as much as Jeremy Clarkson loves anything on 4 wheels that runs on petrol but only when it solves a problem, genuinely progresses on what already exists or makes day-to-day life that little bit easier.
Take mobile payments as a case in point, the concept that instead of using a chip and pin card we will scan our mobile phones when purchasing goods. Does that solve any of the perceived problems created by the use of an EMV card?
Whether a phone breaks, gets lost or stolen the end result will be the same – we’ll have to wait for a new one before we can purchase anything again. Will it speed up the process of us paying for something? Maybe by a mili-second that I’m sure most of us can afford to lose out of the day.
It could mean our phones, emails, newspapers, cameras, radios, MP3 players, social media and wallets will be consolidated into one device, which will appeal to some, but to me it spells out that everything about myself will be easier to steal. It may saves us some time and some pocket space but that will also streamline the theft process for those wrong-doers out there.
I have similar misgivings about contactless payments. Yes it does seem somewhat Harry Potter-esque that with the wave of a magic card you have something new in your hand but really is it anything more than an aesthetic improvement? OK the hassle of entering the PIN is removed but so is the hassle of cracking that PIN for would-be thieves.
Of course currently contactless payments have a limited spend on them so that if a card is stolen the new holder can’t book themselves a luxury Caribbean holiday at the owners expense – which is good for security. But that particular security feature means that should you feel like treating yourself to a nice meal out at a swanky restaurant you’re only going to have to revert to the old style chip & PIN anyway. So what does this contactless payment method actually achieve?
Now these are of course the rambling opinions of one man. No doubt some will feel that mobile payments will alleviate that awkward moment when you get to a till only to realise your wallet is on the kitchen table (they may then find their phone battery has died?) and others who will relish in the novelty of their lives being consolidated into one device. Equally there will be others who believe that contactless cards will serve a useful purpose when in a rush for a train they can simply swipe a card with no further need for authentication or when making a small purchase they don’t need to dawdle on with entering a PIN. I’m just not one of them!
Now if you can offer me a way of payment that is truly unique, impossible to steal, totally secure, fast and easy to carry then I am all ears as it will be a step in the right direction after chip & PIN. Imagine being able to purchase something with a fingertip or eye scan or any bank transfer requiring a finger print to be authorised. That truly would be innovative, problem solving and exciting!
However the payments industry seems to be taking us down an all together, somewhat different route. Maybe it will turn out to be more exciting and innovative than I think. As it stands it is estimated that by 2016 448m of us will be using our mobile phones to make payments. I just may not be one of them.
The views expressed in this piece are of the individual and are not those of SkyParlour PR or its clients
There have been many new or alternative methods of payment launched by big name companies. But are they really going to make it easier for average Joe to pay for their morning coffee?
Whether it be using your mobile or contactless cards to move money around it seems that the major players in the payments industry are intent upon introducing new ‘exciting’ and ‘easy’ ways for us to hand over our cash to and conduct our banking.
However I remain not fully convinced that they will make life any easier or money and data any more secure.
I would hate to be mistaken for a bore or a technophobe; I love a good gadget or inventive piece of technology as much as Jeremy Clarkson loves anything on 4 wheels that runs on petrol but only when it solves a problem, genuinely progresses on what already exists or makes day-to-day life that little bit easier.
Take mobile payments as a case in point, the concept that instead of using a chip and pin card we will scan our mobile phones when purchasing goods. Does that solve any of the perceived problems created by the use of an EMV card?
Whether a phone breaks, gets lost or stolen the end result will be the same – we’ll have to wait for a new one before we can purchase anything again. Will it speed up the process of us paying for something? Maybe by a mili-second that I’m sure most of us can afford to lose out of the day.
It could mean our phones, emails, newspapers, cameras, radios, MP3 players, social media and wallets will be consolidated into one device, which will appeal to some, but to me it spells out that everything about myself will be easier to steal. It may saves us some time and some pocket space but that will also streamline the theft process for those wrong-doers out there.
I have similar misgivings about contactless payments. Yes it does seem somewhat Harry Potter-esque that with the wave of a magic card you have something new in your hand but really is it anything more than an aesthetic improvement? OK the hassle of entering the PIN is removed but so is the hassle of cracking that PIN for would-be thieves.
Of course currently contactless payments have a limited spend on them so that if a card is stolen the new holder can’t book themselves a luxury Caribbean holiday at the owners expense – which is good for security. But that particular security feature means that should you feel like treating yourself to a nice meal out at a swanky restaurant you’re only going to have to revert to the old style chip & PIN anyway. So what does this contactless payment method actually achieve?
Now these are of course the rambling opinions of one man. No doubt some will feel that mobile payments will alleviate that awkward moment when you get to a till only to realise your wallet is on the kitchen table (they may then find their phone battery has died?) and others who will relish in the novelty of their lives being consolidated into one device. Equally there will be others who believe that contactless cards will serve a useful purpose when in a rush for a train they can simply swipe a card with no further need for authentication or when making a small purchase they don’t need to dawdle on with entering a PIN. I’m just not one of them!
Now if you can offer me a way of payment that is truly unique, impossible to steal, totally secure, fast and easy to carry then I am all ears as it will be a step in the right direction after chip & PIN. Imagine being able to purchase something with a fingertip or eye scan or any bank transfer requiring a finger print to be authorised. That truly would be innovative, problem solving and exciting!
However the payments industry seems to be taking us down an all together, somewhat different route. Maybe it will turn out to be more exciting and innovative than I think. As it stands it is estimated that by 2016 448m of us will be using our mobile phones to make payments. I just may not be one of them.
The views expressed in this piece are of the individual and are not those of SkyParlour PR or its clients
There have been many new or alternative methods of payment launched by big name companies. But are they really going to make it easier for average Joe to pay for their morning coffee?
Whether it be using your mobile or contactless cards to move money around it seems that the major players in the payments industry are intent upon introducing new ‘exciting’ and ‘easy’ ways for us to hand over our cash to and conduct our banking.
However I remain not fully convinced that they will make life any easier or money and data any more secure.
I would hate to be mistaken for a bore or a technophobe; I love a good gadget or inventive piece of technology as much as Jeremy Clarkson loves anything on 4 wheels that runs on petrol but only when it solves a problem, genuinely progresses on what already exists or makes day-to-day life that little bit easier.
Take mobile payments as a case in point, the concept that instead of using a chip and pin card we will scan our mobile phones when purchasing goods. Does that solve any of the perceived problems created by the use of an EMV card?
Whether a phone breaks, gets lost or stolen the end result will be the same – we’ll have to wait for a new one before we can purchase anything again. Will it speed up the process of us paying for something? Maybe by a mili-second that I’m sure most of us can afford to lose out of the day.
It could mean our phones, emails, newspapers, cameras, radios, MP3 players, social media and wallets will be consolidated into one device, which will appeal to some, but to me it spells out that everything about myself will be easier to steal. It may saves us some time and some pocket space but that will also streamline the theft process for those wrong-doers out there.
I have similar misgivings about contactless payments. Yes it does seem somewhat Harry Potter-esque that with the wave of a magic card you have something new in your hand but really is it anything more than an aesthetic improvement? OK the hassle of entering the PIN is removed but so is the hassle of cracking that PIN for would-be thieves.
Of course currently contactless payments have a limited spend on them so that if a card is stolen the new holder can’t book themselves a luxury Caribbean holiday at the owners expense – which is good for security. But that particular security feature means that should you feel like treating yourself to a nice meal out at a swanky restaurant you’re only going to have to revert to the old style chip & PIN anyway. So what does this contactless payment method actually achieve?
Now these are of course the rambling opinions of one man. No doubt some will feel that mobile payments will alleviate that awkward moment when you get to a till only to realise your wallet is on the kitchen table (they may then find their phone battery has died?) and others who will relish in the novelty of their lives being consolidated into one device. Equally there will be others who believe that contactless cards will serve a useful purpose when in a rush for a train they can simply swipe a card with no further need for authentication or when making a small purchase they don’t need to dawdle on with entering a PIN. I’m just not one of them!
Now if you can offer me a way of payment that is truly unique, impossible to steal, totally secure, fast and easy to carry then I am all ears as it will be a step in the right direction after chip & PIN. Imagine being able to purchase something with a fingertip or eye scan or any bank transfer requiring a finger print to be authorised. That truly would be innovative, problem solving and exciting!
However the payments industry seems to be taking us down an all together, somewhat different route. Maybe it will turn out to be more exciting and innovative than I think. As it stands it is estimated that by 2016 448m of us will be using our mobile phones to make payments. I just may not be one of them.
The views expressed in this piece are of the individual and are not those of SkyParlour PR or its clients