I was taking waiting for a taxi the other day, in the rain. As anyone who’s ever tried to grab a taxi in NYC, on a rainy day knows, it’s tough. A colleague of mine suggested we hop into a livery car service (which was a great idea) but I didn’t have $10 to my name and he didn’t take credit cards. Lucky for me, my colleague had the money for the ride, but how cool would it be if I could simply just email him the money.
Mobile Commerce is fast paced, gaining traction and going to revolutionize the way we transact like the credit card did decades ago. People are still paying bills with cash or checks (believe it or not) and neither the consumer nor the bank gets anything from this transaction (see points from credit cards or credit card processing fees). Discover recently launched a new service in partnership with PayPal that enables customers to send money from their phone to anyone with a mobile phone or email address.
Discover’s the first to come to bat with this service but rest assured, Google, Apple and the likes will soon be rolling out similar technologies. However in this case, Discover doesn’t charge any fees to send cash and provides cash back for every transaction (.25% for the first $3k-hey it ain’t much but better than paying a $3 ATM fee).
I’m not nostalgic about carrying around cash in my pocket. I like getting points on my credit card and hate paying ATM fees so I look forward to the day when I can hop in that Livery Car Service instead of waiting in the rain and when it comes to pay, just “bumping” our cell phones together and having a receipt emailed to me.
Managing Director Search