Will Mobile Payment Mean More Spending?

June 25, 2011 by  Filed under: Credit 

Many Americans are dependent on their credit cards. This is prevalent in the fact that everything nowadays can be paid with plastic. In fact, parking meters are now designed to take credit payments. However, with the recent recession, it’s become harder for people to pay up their debts. Financial hardships were not common, and even today, most of us haven’t even fully recovered yet. Despite these facts, bills keep on piling up, and we always need a way to pay up. More than anything, this might be the reason why, despite piling debts, many Americans are still looking to get new credit cards.

Now, consider this: what if there was a new way to pay your bills without having to pay with credit or cash?

When it comes to credit cards, we all know the name Visa. With over 1.8 billion credit cards distributed all over the world, it is one of the leading creditors in the globe. According to reports, Visa is also planning to launch a new payment method that might revolutionize us to pay our bills: mobile wallet payment.

Mobile payment lets you get your bills out of the way through your cell phone. Almost everyone nowadays has a mobile phone, and chances are, if you have a credit card, you have a mobile phone. However, it is still unknown whether this will help solve the problem credit cards have posed: overspending.

When you download an app into your mobile phone and pay for it, you are already using mobile payment methods. You can be charged various ways. The most convenient method is by forwarding the bills to your mobile billing. This centralizes all of your accounts so you can easily keep track of your transactions. This method is very reliable and very secure, because it is fraud-proof. You don’t have to go through registrations or fill out any paperwork – you don’t even have to buy a new application. The whole transaction can be completed within a few seconds. Usually, you’ll have to pay a small processing fee as well, but it is still unknown how much Visa is going to charge.

Unless we know all the details about Visa’s new project, it is still unsure how this will help make bills easier and cheaper than using plastic. Though projected income of this project seems hopeful – around forty billion dollars in the following four years – it is still unknown whether it will get favorable reception.

Adelyn is a writer who covers personal finance topics such as saving money and the best credit cards, review the best credit cards offer and apply online.

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