I have to admit, this is pretty cool. Being able to accept transactions through your phone is a pretty sweet idea.
Watch the video below to find out how you can participate in the pilot to process credit card transactions through your iPhone.
http://www.youtube.com/watch?v=QSzsFAJAKHI&f
Here is a review of the product with more detail:
And here is another review of the product:
Bottom Line
Bam! No longer is cash required for a transaction from person to person, and you can earn miles and points as a result. Now you can now pick up the tab where ever you go with your award earning credit card and accept cash from you friends. Technology is tranforming our lives, and this is a prime example.
To bad they charge a transaction fee..
The coolest part is that you can take a picture for each transaction and then send them an email of the transaction.
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The Weekly Flyer writes about travel from a business traveler perspective. He travels the world every week accumulating points and miles along the way.
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While being able to processing payments via a smart phone theoretically eliminates the need to carry cash, it is not something you should do. There are too many factors that could play against this transaction. Say you have no reception because you are visiting a friend/relative. What are you going to do when your battery dies? I dont think we will ever have a reason to no longer carry cash, but this is one step in that direct. what I wonder is how this would affect people’s spending as a whole?
Agree, don’t think cash is close to being replaced, but this is certainly a cool idea that is being implemented.