Imagine. You saunter through the doors of your favorite store. Pick out some great smelling perfume, throw in some great lipstick and a beautiful looking scarf to boot.
As you approach the check out counter you simply wave your cellphone. In a flash the price is debited from your bank account and you’re on your way. Quick and easy.
Those days of carefree cell phone shopping may be here sooner than you think. Stodgy cash and cumbersome credit cards may soon be a thing of the past – all replaced by your cell phone.
Starbucks provided a glimpse of things to come when it recently rolled out its smart phone app. With it customers can now pay for their Lattes using their Blackberries or iPhones.
Order your Frappuccino. Wave the app barcode that appears on your smart phone screen and you’re quickly on your way. The purchase price is automatically deducted from a Starbuck’s account you set up ahead of time.
The cell phone-as-wallet society already exists in countries like Korea and Japan. Here in the US, Visa, Mastercard, ATT, Paypal and a host of others are rushing to create seamless systems that would allow you to pay for everything from a flat screen TV to a simple pack of gum. All with the simple wave of your phone.
As with every new technology, however, there’s a price for convenience.
Like credit cards, the convenience of cell phone payments could erase what many researchers call the “pain of payment.” That small twinge of psychological discomfort we feel when we turn over our hard earned cash. The discomfort that makes us second guess and often reconsider our purchase.
This is one of the reason’s we spend more money when using credit cards rather than cash. Credit cards reduce the “pain of payment”.
In essence, using our cell phones as new age wallets could make spending money way too convenient – all but eliminating the “pain of payment” and opening us up to new waves of budget busting impulse spending.
Ah…… the traps of modern technology.
What about you? Would you love to replace your wallet with your cell phone, or will you stick with credit cards and cash?
Once we understand the true nature of wealth we can start making our money work for us instead of against us.
Personal finance is about more than math. It's about behavior. Change your behavior and you change your financial situation.
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