Pay Phones: New mobile payment apps transform smartphones into paperless wallets

TrendCentral notes: Smartphones can do just about anything these days, including replacing one’s wallet. Mobile payment platforms are multiplying, benefitting technologically-forward businesses and consumers alike. With there now being numerous ways to make secure payments through mobile phones, a cashless society doesn’t seem too far off.

Square: No longer can a friend claim that they “don’t have cash, but will pay you later.” Mobile platform Square facilitates person-to-person payments through Android and Apple devices. Simply plug the free Square card reader into a device’s headphone jack, open up the app, enter the dollar amount, and swipe the card. Once the customer signs for their purchase to complete the transaction, a receipt is sent via email. Though it’s not brand new, Square has been making headlines as of late due to some sizable investments made in the company. And with its new Register app for iPad, small businesses owners now can access powerful analytics tools.

Google WalletGoogle+ isn’t the only new hot product from the search giant. This summer, the Google Wallet Android app will begin trials in Portland, San Francisco and New York City, testing its mobile payment platform that stores one’s credit card accounts on their smartphone. When shopping with participating retailers, customers can tap their phones to pay, safely and securely, all virtually. Additionally, users can earn rewards from Google Wallet SingleTap merchants, like American Eagle Outfitters and Bloomingdale’s. Though the credit cards and phones supported are still quite limited, Google aspires to integrate all existing payment cards and devices. No doubt, George Costanza would’ve been a fan.

Zoosh: What does a mobile payment sound like? Silicon Valley start-up Naratte says “Zoosh.” This secure transaction technology uses ultrasound instead of near field communication to transfer data, enabling people to pay for purchases with audio software that’s already in their phones. Two phones running the Zoosh app can communicate with each other, or with Point of Sale devices, through high frequency signals sent via the speaker and microphone. Moreover, coupons or bar codes can be transmitted to the phone as audio files. The user plays the audio file to redeem a deal and make a purchase, billing the payment to a credit card or PayPal account. Talk about financial freedom.


About Fallon