Quick guide... to mobile payment

Mobile what?

Payment. It's the term used to describe any monetary transaction performed with a mobile device, like a phone. For example, buying some music online, or an e-book. Or, more increasingly, your travel tickets, clothes or weekly shop.

With my phone?

Yes, the technology is becoming increasingly widespread and it might not be long before we no longer need cash or credit cards for most of our purchases. All you'll need is your phone which, with some systems, would just need to be held near a sensor to make payment.

Why would I use it?

Simplicity is one of the main reasons, as is security. If you're not carrying cash or cards, you can't lose them or have them stolen from you. It's also useful for things like theatre or cinema tickets. Instead of having a small piece of cardboard to take, you can just buy them online and present the voucher on your phone when you arrive at the venue.

But someone could still steal my phone.

Well, yes, that's true, but there are measures you can take to make sure your data can't be accessed even if your phone is stolen.

What if I don't have a phone or it runs out of battery while I'm out shopping?

These are all good points and as we say, this isn't something that's going to take over tomorrow. It could prove useful for big purchases but it's unlikely your local paper shop will be adopting a mobile payment system anytime soon. Cash will be around for a long time yet, so hold on to your wallet for now.

Date: 13/08/2012