I like to think that I am at the age where I can say "When I was your age...blah blah blah". I look at the way technology has changed in my lifetime alone, and I feel like if you blink, you may miss something. So let me start this blog like I was talking to an eight year old. "When I was your age, back in 1994, Maine was a much different place. There were far fewer stores in Bangor, the world wide web had just started, and I had to walk uphill to school both ways." Okay...I didn't have to walk uphill to school. I was home schooled. I had to roll out of bed and I was at school.
Aside from some really frightening hairstyles, times have changed over the past 15 years. We called the internet, the world wide web, and nobody really even knew what its potential would be. Let's fast forward today where the web has essentially changed the way the world is run. No longer do we sit around and wait for the evening news or the morning paper to find out what is happening. Now there are apps for phones that let us know what is happening almost the minute it happens. Every day citizens have become personal news reporters by blogging what they see. The finance world has changed as well. In fact, one of the biggest changes of our time may take place sooner than you think. Google recently announced a new app that will be available to the public which will allow people to use their phone like a credit or debit card. That app is called Google Wallet.
Google Wallet will allow users to essentially leave their own wallets at home, and make all their purchases with the use of the App. You will be able to sift through your cards with the swoosh of your finger and pay for anything from restaurant bills to toys at the store. The concept video is here and it shows how the program will work. I'm a simpleton, and it raises a good amount of questions in my mind. Will this take off? Will this be the end of the cards? The article that I linked to Google Wallet says that this could be the end of wallets. Their calculations are that by 2014, most, if not all, transactions will be done via android phones.
While it may increase security on your accounts, I would still be interested to see how it all works when it first takes off. I will probably lay low for a while and stick to using my plastic debit card before jumping out and getting the latest technology. The article also states that this could be the thing that replaces money in the long run so essentially people would no longer carry paper on them. Your money would be just a number in an account and you could keep track of it easier. I'm curious to hear your thoughts.
Would you download an app that allowed you to control all of your cards with your finger, or are you more hesitant to switching over right off?
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