The Knights Templar were associated to the quest for the Holy Grail and other true or untrue tales. One factual bit of evidence is the men established the first ‘bank system.’ Pilgrims, traveling far, could exchange money at one post for a note they later swapped at remote locations for monies. It was a way to keep themselves and money safe.
It was also convenient, much like choices available to technological savvy consumers of today. Paperless wallets work with associated digital applications to draw funds from one’s account (sometimes implementing brand-directed savings and coupons), so they don’t have to carry cash or credit cards, just a smart phone.
Near-field communications help connect to one’s bank account as well as selected vendors’ payment terminals. By ‘swiping’ a phone in front of sensor (as grocery workers do food items at register) one may pay for a Starbucks coffee, living room furniture, writing services for business, etc. as long as both parties (consumer and vendor) leverage the third-party system.
Isis Mobile Wallet
The Isis Mobile Wallet app is growing in popularity, allowing for easy consumption of goods and services as described above. Since NFC technology is somewhat new, older smart phones and associated technology are defunct.
However, those with older phones (iPhone 4 and 5) can purchase external cases that exact the NFC technology.
Near-field communications is new but not in its infancy. In fact, consumer adoption has been slow. Google released its Wallet program, using the same technology as Isis, yet consumers did not leverage the digital system in large numbers.
In fact, a number of users complained about the limited number of credit cards associated to the ‘wallet,’ the number of quirks, as well as times digital transactions simply did not work at terminals.
Savings and Options
Slow adoption may be a compliment to consumer options rather than a slight toward digital wallets. Like credit cards and online pay terminals associated with brand savings and personalized ‘shopping carts,’ consumers using paperless wallets enjoy discounts and regular savings due to particular vendors associated with programs.
NFC, Square, and Starbucks – Oh My!
Savings, options, and added awareness about brands and subsequent consumer purchases augment the experience. Near-field applications may connect a social platform (Square) to individual vendors (Starbucks) while alerting users to other information related to products and services.
Shop Smart, Be Smart
Is paperless adoption for you? It’s likely you’re already going paperless in some format, whether it’s regarding bills, online purchases, or relating with friends and family through email. However, shop smart by seeking wallet systems with associated deals and coupons for online shopping from web sites like SumoCoupon.com. Also, be smart in keeping vigilant of on and offline thieves who seek your personal information and items, whether cash, credit cards or smart phones (with personal information attached).
The future is here, with some consumers assuming paperless interactions, leaving money in the bank and credit cards at home while paying for goods and services with their smart phones.