A few years ago, we could have never imagined that our phones would be able to perform all the tasks they do now. However, the latest in smartphones technology, that according to major companies will be soon be a reality, will be money transfer between smartphones.
Giant smartphone manufacturer Apple, assured that soon they will have available a service that will allow their users to transfer money quickly and safely from their smartphones to a family members, friends or anyone they want too. Apple is right now negotiating the terms for this new feature with several US banks and even with PayPal.
With this new service, Apple will be allowing its users to enter a new phase in which carrying on cash and wallets will become a thing of the past. Just with their smartphones people will be able to do all type of transactions without the need to going to a bank. Other sources assure this service will be available next year.
Apple is gambling a lot on new technological advances. For example, their Pay app is used by many to pay at restaurants, and even nannies. They also know that their biggest challenge will be convincing the banks to join in on their project. But, services like PayPal, have proven to be successful and are widely used among young people who share rent and pay for different other services.
Other problem Apple faces is showing what the real benefit of this service will exactly be. To them, it is great because it makes their smartphones an essential tool for many, but motivating and convincing other users that still prefer money to do their transactions will be difficult.
Nevertheless, Apple will still launch their Pay app first in Europe, initially in Spain. But, other mobile giants like Samsung and Google are starting to offer their own versions of this new service as well. It seems as this is a race between giants to put an end to paper money once and for all.
Would you dare use this new technology? And, will it actually be safe and effective? Only time will tell.
ALFA